Redesigned Notes:Extension Counterproductive – Gombe monarch
By Chima Azubuike
The Lamido Akko, Alh. Umar Atiku, says extension of deadline of old notes by the Central Bank of Nigeria is counterproductive.
The first class traditional ruler in Akko Local Government Area of Gombe State, stated this on Saturday in an interview with journalists.
This was shortly after welcoming a team from Central Bank of Nigeria led by Director Development Finance, Philip Yila, who was represented by Deputy Director Aliyu Ashiru.
According to him, the policy is a good one, because it geared towards solving challenges in the system.
He noted that extension would mean extending the dooms day, adding that it should just be faced.
Atiku said, “It is good the CBN has become proactive.I don’t think additional time is advisable, it will be counter productive, if it’s suffering we have already suffered.so why extend the suffering again. Let us also cooperate with the CBN I’m sure there is no need. With what I’m seeing where their teams are roaming with raw cash. I don’t think there is need for additional time.”
On his part, Yila disclosed that the essence of their visit was to carry out sensitisation and also ensure compliance by commercial banks.
He said, “To implement the cash swap programme that we have developed so that the vulnerable people who don’t have account to have access to the naira notes.
“We have realised that sensitisation is very important the cash swap programme is extremely important because you will take the activity down to the society; the villages, the male, female.”
“The cash swap is a support to what the banks are doing we have designed the policy such that banks feed their ATM machines with the new naira notes because ATMs are very democratic they don’t segregate,” Yila added.
