Wednesday, March 22, 2023



NECA to FG: Prosecute saboteurs of new naira notes supply to avert looming danger

NECA to FG: Prosecute saboteurs of new naira notes supply to avert looming danger
February 07
09:31 2023

The Nigeria Employers’ Consultative Association (NECA) has asked the federal government to prosecute anyone sabotaging efficient and smooth implementation of the naira redesign policy.

Adewale-Smatt Oyerinde, director-general, NECA, made the call in a statement on Monday. 

Oyerinde said the government must provide ways to save the country from its fragile state and further bashing. 

He also urged the government to efficiently implement its policies, as Nigerians tussle with multi-facet problems.


“The government should, as a matter of urgency, ensure the availability of the new naira notes and if necessary to prosecute saboteurs to ease the frustration of Nigerians and avert the impending breakdown of law and order,” he said. 

“One worrisome and distinctive feature of recent economic policies remains the poor implementation of such.

“While it is commendable to develop policies and programmes, the implementation of same is as important to the success of the said policies and programmes. 


“The trail of poor implementation of decisions is palpable and worrisome.

“It is obvious that the country is not short of good policies, but their implementation by relevant authorities has remained a challenge. While the naira redesign is commendable, the implementation, so far, is short of commendable.

“A policy that was purportedly designed to curb inflation, encourage the cashless culture, and foster financial inclusion among others is inadvertently pushing many Nigerians into frustration in view of the current epileptic bank transfer/e-payment systems and general inadequacy of online banking infrastructure.

“The current situation portends grave danger for the economy, even as Nigerians do not have access to the new notes, businesses are short of sales and most employees find it difficult to go to work because of lack of cash. 


“It is apt to conclude that it could be counter-productive to seek to implement a cashless economy abruptly when at the same time the new naira notes are being rolled out in limited quantities within an impracticably short timeframe.”


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