Ex-finance minister blames CBN for new naira crisis

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A former Minister of Finance, Dr Idika Kalu, has faulted the logistics of the Central Bank of Nigeria for the crisis that has characterized the distribution of new N1000, N500 and N200.

“The logistics have to be very carefully put together. It is very apparent that we did not do that. I think the logistics are really the problem not the question of jurisdiction,” Kalu noted.

He also noted that there were other policies that the CBN and the Federal Government could have introduced if they wanted to tackle corruption and the high amount of currency in circulation. He further questioned the metrics of inflation used to measure the effectiveness of the naira redesign policy.

 

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I'm not a financial expert but the man just reiterated all my arguments on this issue. It's a lie that countries redesign their currencies periodically; cenbank acted ultra vires in redesigning notes to fight crimes (law enforcement function); the flaws outweigh the benefit

He was busy focusing on contesting for election and when he couldn’t get anywhere in the primary then he remembered a naira redesign . It’s all a tactic! The moment he contested for presidency , he should have been fired ! But buhari brain don leak

You have said it all. It wasn't done in good faith that is why there is chaos everywhere. Why doing this at the tail end of your tenon? What happened since these years. Don't start what you can not finish, government is a continuity and emefele is still part of d incoming govermt

What is wrong is Politics. When an understanding of this magnitude is embarked upon for such a narrow focus as it has appeared to have, what should follow cannot be less than the confusion, chaos and flip-flops as we have had recently. But, Dr. Kalu will now be the new enemy.

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