CBN's Policy On New Naira Notes Irresponsible, Unfair, Says Ex-MAN President

Engineer Mansur Ahmed, a former President of the Manufacturers Association of Nigerian (MAN) has described the new policy by the Central Bank of Nigeria (CBN) on the redesigned naira as unfair and irresponsible.

Mansur who spoke at a seminar organised by the Kaduna Chamber of Commerce, Industries, Mines and Agriculture (KADCCIMA) at the ongoing 44th Kaduna International Trade Fair said the policy ought to have considered the needs of the citizenry before taking effect.

He stated that the government failed to identify the people who had no role in the problem created but who would be negatively affected by the policy.

“The role of government is to create policy that involves the standard of living of every Nigerian and not just a few.

“Places like Zamfara, Sokoto, Katsina and Yobe, close to 90 per cent of people are multidimensionally poor; how can we then bring in policies that do not take action of the needs and interests of these people?

“The CBN’s policy is unfair and irresponsible, as any policy that will cause undue hardship on the larger percentage of people is a wrong and unfair policy.

"I am not saying it is wrong to create a cashless economy but I know there are other ways to create such an economy without creating problems for the masses,” he stated.