fbpx
[ MAIN ]BANKING & FINANCEBUSINESS & ECONOMYNEWS

TUC Faults CBN’s Plan to Revert Naira to Paper Currency

The Trade Union Congress of Nigeria (TUC), has expressed concern over the level of policy summersault by public institutions in the country.

TUC faulted the move by the Central Bank of Nigeria (CBN) to stop the printing of lower denominations of the naira in polymer and revert to paper currency.

In a statement signed by its President General, Mr. Peter Esele, TUC said that such policy reversal was not necessary at a time the country is confronted with issues that should receive greater attention.

It added that the policy would be a drain on the nation’s purse, alleging that some faceless individuals are waiting to benefit from the policy reversal.

The Congress urged the central bank to jettison the idea for now, saying that the CBN and the federal government should forget about making any change to the nation’s currency and focus on the more germane issues of the moment.

Speaking in Washington DC recently, the Deputy Governor, Operations, CBN, Mr. Tunde Lemo, had explained that the polymer banknotes fade easily.

 

SOURCE

About Author

BWN
This is BizWatchNigeria. Nigeria's first online business Newspaper.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.