February 7, 2023

New Naira: Group protest, blocks CBN gate


By Ozioruva Aliu, BENIN CITY

A group, Edo Civil Society Organizations (EDOSCO), on Tuesday protested at the hate of the Benin branch of Central Bank of Nigeria (CBN) over the mom availability of redesigned naira notes.

   Armed with placards of various inscriptions depicting their grievances, the protesters blocked the Akpakpava Road where the bank is located and created gridlock in adjourning streets.

   The leader of the group Omobude Agho said the CBN financial policy is killing Nigerians and crippling business activities in the state.

  He accused the CBN of deliberately starving the Commercial banks and the POS operators of funds having lured Nigerians to deposit all their old naira notes.

  He said “We are here because Nigerians have started dying inside their houses.

  Referring to the Governor if the CBN, he said “Since the day, you, Godwin Emefiele came up with the new policy of not being able to withdraw not more than N20,000 in the bank, you also said you have extended the date for expiration of the old naira notes  from the 31 of January to 10 of February.

“You said we should start using electronics means, ATMs and POS.

   “And you people failed to give the commercial banks the money to stock their ATMs, you people still didn’t allow the commercial banks to allow the money gets to the POS operators.

  “As at today, we use N3,000 to buy N10,000 in Nigeria, this is not dollars anymore.

   “We are now using naira to buy naira” Agho said.

  Agho said the CBN should step up its game to relieve the citizens of the state of the current hardship brought upon them by its policy.

   Responding, the Branch Controller of CBN

   On his part, Comptroller, CBN, Benin, Mr. Renner Junbo appealed to the citizens of the state to be patient as machineries have been put in place to ease their suffering just as he gave the reasons the CBN came out with the redesigning of the naira.

   “The money will circulate. We have pushed out the lesser denominations to cushion the effects of hardship”, he said.