Three weeks ago we published an editorial reflecting on the current foreign exchange policy where the Central Bank of Nigeria (CBN) has tried to arrest illicit foreign currency circulations within the economy as well as outflows from the economy. We have since been bombarded with outcries and more questions by concerned Nigerians adversely affected by the policy.

Our focus in the editorial then was restricted to the macro-economic impact and alternative policy options. But we are also aware that at the micro level many unintended side-effects have taken place and the citizens are still languishing in pain since the implementation of the policy.

For instance, some of our readers have complained that their wards in schools abroad have been subjected to untold hardships since the new policy was introduced, as the window allowed by CBN only addressed the school fees and limited allowances while other major needs, including accommodation costs, were shut out of the only foreign exchange window for students.

We have also learnt that those travelling for medical emergencies have been held back by the limitations of the new policy, a situation which may lead to avoidable deaths. It seems the apex bank did not think through some of these micro side effects of the macro-economic policy.

Now that the issues are coming up we urge the CBN to fine-tune and address the weaknesses especially where lives are put at risk and the educational pursuits of our young people could be undermined.

The need to re-tune this policy has become obvious in view of the steps certain elements in our society have been taking to circumvent its implementation. Recently, security officials at the Federal Airports Authority of Nigeria (FAAN) nabbed a suspect trafficking USD 271.14 million (N54.35 billion) through the Murtala Muhammed Airport (MMA), Ikeja.

In another incident about the same time, the police in neighbouring Niger Republic arrested a Nigerian carrying 4.6m Euros (N1.05bn) in cash. The man was arrested at the Diori Hamani Airport in Niamey, travelling from Nigeria en route Dubai in the United Arab Emirates.

These are just a few culprits caught and reported in the media out of many more that have resorted to smuggling large amounts of foreign exchange through our various porous borders. These developments have confirmed our fears that the illegal foreign exchange CBN hoped to trap by the policy would eventually escape through other means.

In view of the suffering that innocent citizens have be subjected to by this policy, we urge the CBN to evolve a refined strategy of achieving its noble objectives while at the same time making it possible for people to transact in smaller amounts of foreign exchange to keep things moving.