The Central Bank of Nigeria (CBN) has come under fire from the Association of Professional Bodies of Nigeria (APBN) for failing to appropriately enlist the help of professionals in the planning and implementation of the new naira.
Manason Rubainu, the president of APBN, said this during the association’s board meeting, which was held in Lagos.We are currently experiencing gasoline and naira issues, added Rubainu.
“Professional input is crucial at every stage of the planning for these things, from developing ideas to logistics. Professional input is also crucial for strategy development. We wouldn’t be experiencing some of these situations if experts’ opinions were sought.”
“There are too many logistics involved in all of these tasks, including printing the Naira, how much to print, how to distribute them. There are professionals in each of these areas that would have advised on the proper measures to achieve them. We believe that professionals were not carried immensely into this. The law says that CBN can do it, but the same law says CBN should do it gradually. It just came all of a sudden and the whole system was overwhelmed”.
He was hopeful that the government would make efforts to ameliorate these inadequacies so that the citizens can quickly get out of this hardship that came as a result of the redesign of the Naira by the CBN.
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