Currency Swap: Lagos Assembly Calls for Extension of Deadline to July

Segun James

As the deadline set by the Central Bank of Nigeria (CBN) for phasing out old N200, N500 and N1000 from circulation, members of the Lagos State House of Assembly yesterday called for an extension of the February 10 deadline to July 2023.

The state lawmakers said they supported the call on the CBN Governor to extend the deadline to July 2023, by the National Assembly.

Moving the motion on the floor of the House, Rotimi Olowo who highlighted the challenges Nigerians were facing, said, the policy further worsened the living condition of the masses.

He described the policy as anti-masses.

He argued that the IT infrastructure in Nigeria was nothing to write home about.

“In as much as we appreciate the rationale behind the policy which is capable of curbing corruption, the negative effect of the policy on the masses is frustrating. The only beneficiary of the policy are the elites,” he said.

Corroborating his view, members including Bisi Yusuf, Makinde, Meiranda, Oluwa, Kasunmu, Idumogu, Akande, and Setonji among others, lamented that the policy was not only frustrating, but was causing more pains than gains to the masses.

According to them, “banks are selling the new naira notes to the highest bidder and they are making life miserable for the average Nigerians.

“We are angry because the masses are directly affected by this policy. This is not the right time for this kind of policy and it is targeted at some people. It should vehemently be rejected.

“The present situation in the country is demoralising. This policy is affecting everybody. People are fighting at the ATM points just to get their monies. The policy is alien to us. There are some communities that do not have banking system.

“There are some communities that do not have internet facility. Some do not even have mobile phones. How can this policy work?”

Reacting to the deliberations, the Speaker, Mudashiru Obasa commended his colleagues for their forthrightness and approach to issues concerning the masses.