CISLAC: REDESIGNING THE NAIRA IS NOT A PRIORITY ECONOMICALLY

According to the Civil Society Legislative Advocacy Center, the Central Bank of Nigeria's plan to redesign the 200, 500, and 1,000 naira notes is most definitely not necessary financially for the country, given the continued economic challenges it faces.

Auwal Musa, the executive director of CISLAC, announced this in a proclamation on Thursday, adding that there are more demands for squeezing that the CBN should take care of in order to get the economy back on track.

Musa continued by saying that the worried reactions of Nigerians to the announcement proved that the CBN had no use for the option.

He asserted that the CBN should be more concerned about protecting foreign trade saves that are unfamiliar to it.

spikes and making foreign exchange available to regular citizens who genuinely need it, adding that the CBN's inability to effectively run its operations was similar to the enormous disaster for uncharted direct enterprise.

First off, he stated that the CBN's plan to redesign and print new 200, 500, and 1000 notes is not a top priority for the economy and hardly a fix for Nigeria's shoddy monetary policy issues and escalating economic problems.

"Especially now that the nation is struggling with enormous fiscal deficits, a wild collapse in the value of the naira, skyrocketing inflation rates, numerous exchange rates, and growing borrowing prices. The justifications provided for this choice appear to be identical to those for the FX demand management method, which resulted in an unsatisfactory outcome because the artificially depressed exchange rate was not as market-reflective as it could have been to increase supply, but this time it just poses dire economic risks to Nigerians.

"The public's impression that this decision has no benefit for the economy confirms the CBN's propensity to become sidetracked from upholding its top legal commitments.