Senator Shehu Sani who is a former Nigerian lawmaker has alleged the Central Bank of Nigeria (CBN), is now bankrupt of ideas.
Senator Sani also pointed out that the redesigning of the naira and cash withdrawal restrictions have failed to achieve their purpose.
The statement was contained in a post via his verified Twitter handle on Wednesday.
The former lawmaker said the CBN suspension of international cards transaction on naira has failed to significantly improve the value of our local currency.
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He wrote: ‘Cash withdrawal restrictions, redesigning of the naira, raiding bureau de change shops, China currency swap and suspension of international cards transactions on the Naira has all FAILED to significantly improve the value of our local currency. The CBN is bankrupt of ideas.’
Africa Today News, New York recalls that the Central Bank of Nigeria (CBN) had over the weekend issued an order to Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes going forward.
To guarantee that the currency flows across the country prior to the deadline of January 32, 2023, when the old notes will no longer be accepted as legal tender, the central bank instead instructed the banks to load their Automated Teller Machines with exclusively new notes.
Africa Today News, New York gathered that the apex bank issued the directive to the banks on Wednesday and ordered that the implementation must begin immediately.
However, as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes.
A source in a Tier-1 bank who spoke to reporters, who informed one of our correspondents of the CBN directive on Thursday, said her lender on Thursday issued a memo in that respect to all the branch managers to enforce the CBN order.