Extend currency swap deadline to July, Lagos assembly urges CBN

Members of the Lagos State House of Assembly have called on the Central Bank of Nigeria (CBN) to extend the deadline of the currency swap policy to July, 2023.

The House, in support of the prayers by the National Assembly, called on the CBN Governor, Mr. Godwin Emefiele to extend the deadline.

Moving the motion on the floor of the House, Hon. Rotimi Olowo highlighted the challenges many Nigerians are currently facing since the currency swap was introduced by the CBN Governor.

Olowo disclosed that the policy has further worsen the living condition of the masses, saying its anti-masses.

He added, “Most entrepreneurs, SMEs, market women who are illiterates are more prominent in the economy of the country. The POS that has offered employment to the teeming youths has been destroyed by the policy.

“The IT infrastructure in Nigeria is 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 is the elites.”

Corroborating the stance of Olowo, Honourable members including Bisi Yusuf, Makinde, Meiranda, Oluwa, Kasunmu, Idumogu, Akande, and Setonji among others lamented that the policy put together by the CBN Governor is not only frustrating but causing more pains than gains on 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 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 demoralizing. 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, Rt. Hon. Mudashiru Obasa commended his colleagues for their forthrightness and approach to issues concerning the masses.

“Our concern is the pain, anger and frustration which the policy has brought.

“The intention of the policy has been defeated. Before embarking on the policy, there should have been engagement and consultation with the people.

“We commend the National Assembly that  intervened on the matter but we want to say that the 10 days extension will not be enough. We are calling on the National Assembly  to ensure that the deadline is extended till June, 2023”, he said.



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