Expert and Chairman of AACS, a management consulting and policy formulation firm, Dr Ayo Abina, has advised the Central Bank regarding Nigeria CBN to survey its naira upgrade trade period from 90 days to 45 days for all sums in overabundance of N500,000.
It likewise encouraged that the Central bank to permit bank clients keeping below N500,000 to run for a lengthy time of at least 120 days.
Abina guaranteed this would assist with lessening the interruption to the conversion scale and backing the goals of the approach which he portrayed as “great and vital.”
In a fortnightly report released by the firm and titled, “The Currency Redesign Policy – The Good & The Ugly,” Abina gave four reasons to support the apex bank’s move to redesign the banknotes.
He said, “It mops up the huge amount of cash that is out of the banking system, currently estimated at N2.73trn or about 85 per cent of the total cash in circulation. This is totally bad for monetary stability.
“This policy rids the economy of a lot of ‘black money’, and helps to improve the health of the system and strengthen security, as regulators can monitor funds flow better.