Ekwulobia, 11 April, 2023 / 8:45 pm (ACI Africa).
Peter Ebere Cardinal Okpaleke has faulted the realization of the process of redesigning Nigeria’s currency, the Naira, saying it “was badly implemented”.
In his Easter 2023 Message shared with ACI Africa April 8, Cardinal Okpaleke who says Nigerians “are going through the valley of darkness” also criticizes the February 25 General Elections in Africa’s most populous nation, describing them as “a dirty joke”.
“The badly implemented cash redesign policy worsened the situation so much so that many wasted time and energy to get a paltry sum in the bank or wait interminably in the market for their payment through electronic cash transfer to be confirmed as received, before they could leave with the items bought,” the Nigerian Cardinal says.
In his observation that echoes what members of the Catholic Bishops’ Conference of Nigeria (CBCN) previously described as a challenge in the “circulation of new Naira notes” and what two CBCN members decried as “not interesting” and “causing untold hardship”, the Cardinal says the cash policy was problematic.
The cash policy, he says, has “created the situation of POS (Point of Sale) operators exchanging physical cash for electronic cash at a higher rate to compensate for their effort at the banks to obtain the cash.”