The Centre for the Promotion of Private Enterprise [CPPE] on Sunday urged the Central Bank of Nigeria (CBN) to allow Nigerians deposit their old N500 and N1,000 notes at commercial banks across the country.
A statement signed by Muda Yusuf, director of CPPE, said that the confusion caused by the CBN is inflicting additional pain on already traumatised millions of innocent Nigerians seeking to return the old notes.
Last Friday, reports claimed that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from the public. The reports claimed that the apex bank pegged the maximum amount the banks could collect from their customers at N500,000.
But in its reaction, the apex bank urged Nigerians to disregard the claims as it never authorised the banks to take such decisions.
The developments come amid tension generated by the cash redesign policy in recent weeks.
On Sunday, the CPPE called on the CBN to consider the plight of Nigerians.
“Amid the chaos which the badly implemented policy has created, it is evidently impractical for the CBN offices to properly handle this process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians,” the statement said.
“There is only one branch of the CBN office in each state of the federation and the FCT. It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience.”
The statement explained that the experience and images of disorderliness of the past few days at the CBN offices graphically illustrate the CPPE’s position.
“We appeal to President Muhammadu Buhari and the CBN to give this process a human face. The agony and trauma inflicted by the entire management of the policy are unspeakable.
“Accordingly, we plead with the CBN to allow the old notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes,” it said.
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