New Naira Notes: Onaiwu Seeks Governors, CBN Parley to Resolve Cash Crisis
By Ed Malik, A | February 4, 2023

The founding Director General of the People’s Democratic Party (PDP) Governors Forum and a leading political communications consultant, Earl Osaro Onaiwu, has called for an urgent meeting between the leadership of the Central Bank of Nigeria and State Chief Executives, to contain the cash crunch crisis resulting from the recent Naira change policy.

According to Onaiwu, the State Governors, being closer to the people have levels of information dissemination and can reach the people faster and effectively when new policies are thrust upon them, as in this case of new Naira notes change by the CBN.

This meeting, Onaiwu, believes, will help to ameliorate the escalating crisis arising from the new CBN policy phasing out higher denominations of the old naira.

In a statement on Thursday, Onaiwu said it was regrettable that a policy that the CBN said was meant to salvage the country’s economy was now threatening to collapse businesses, especially cash-based ones and generally, put the economy on a free fall, which by extension is causing security concerns.

“It is worrisome to see masses brawling, struggling and suffering untold hardships at ATMs and banking halls, in order to withdraw their own cash for their livelihood but to no avail.

“There’s palpable tension everywhere and I think there is an urgent need for the CBN to sit with State governors, who are in direct link with the masses, to fashion a way out of the quagmire,” Onaiwu said.

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