Experts divided on naira redesign, advise CBN, EFCC, other security agencies

Ever since the governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele announced a decision for the redesign and reissuance of Naira notes, specifically the denominations of N200, N500 and N1000 notes starting from December 15, there have been several controversies and a spike in the exchange rate of Naira to dollar across the country.

Akwa Ibom State is not left out in the rush as a walk to Udi street and other centres in Uyo where dollars are being exchanged showed an increase in the number of customers, especially agents of politicians coming to exchange Naira to other hard currencies thereby leading to surge in the exchange rate.

As of Sunday evening in Udi street, a dollar was exchanged at N875.00 and being sold at almost N930.00.

One of the persons that exchanges currencies, who identified himself as Umaru, told our correspondent that dollars are no longer sold at any fixed price but dependent on the bargaining power of the buyer, saying that hopefully by next week, it would hit over a thousand Naira per dollar.

The CBN governor had announced that from December 15, the old and new currencies would circulate side by side and by 31 January, the old will phase out and if any person fails to change it, it will no longer be a legal tender.

He said the essence of redesigning the naira was to impact the value of the currency and address the geometric inflation rise, among other reasons.

However, the Minister of Finance, Mrs Zainab Ahmed has faulted the claims before the Senate, saying that the policy portends serious consequences on the value of naira to other foreign currencies, especially in a time like this.

Also, an Uyo-based lawyer and public affairs analyst in the State, Edmund Ewa, in a post on his Facebook wall, faulted the CBN’s move.