• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CPPE Advocates 6 Months Extension For Currency Swap

by Bukola Idowu and Olushola Bello
2 years ago
in Business
Currency Swap
Share on WhatsAppShare on FacebookShare on XTelegram

The Centre for the Promotion of Private Enterprise(CPPE) has called for an extension by a minimum of six months to allow for seamless currency swap exercise.

Advertisement

The Central Bank of Nigeria(CBN) had earlier  extended the deadline for the depositing of the old N200, N500 and N1,000 in banks for new ones, till February 17, 2023.

This follows outcries that there is no new notes in circulation as many are still stuck with the old notes.

The 17 day extension, which was announced by the governor of CBN, Godwin Emefiele, yesterday, followed the approval of President Muhammadu Buhari.

The  CEO of CPPE, Dr. Muda Yusuf said, the 10 days is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process. He stated that, the failure to give enough time frame deadline for the currency swap could put N100 trillion component of the national GDP at risk.

RELATED

At LEADERSHIP Twitter Spaces: AMCON Creates Moral Hazard For Banking Industry – Analysts

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

4 hours ago
NADF Unveils Digital Tool To Track N19.5bn Agri-support Project

NADF Unveils Digital Tool To Track N19.5bn Agri-support Project

4 hours ago

According to Yusuf, “two critical sectors are particularly vulnerable; Trade and Commerce; and Agriculture.   The crippling of business transactions at the distributive trade end amid the currency swap crisis would not only undermine the trade and agricultural sectors but would have a knock-on effect on manufacturing value chain and the services sectors.

“This is because whatever is produced have to sold.   trading end of the chain has been greatly disrupted by this currency swap crisis.”

He explained that the trade sector contributes about 14 per cent of GDP valued at an estimated N35 trillion; agricultural sector contributes 25 per cent, valued at an estimated N62 trillion.

“Most of the activities in these sectors are either in the rural areas or in the informal sector of the economy.  These are the sectors that have been driving the resilience of the Nigerian economy amid numerous domestic and global headwinds.  Any policy measure that would negatively disrupt these sectors should be avoided.

“Given the size of the Nigerian economy, our large population of over 200 million people, the dominance of the rural economy, the huge informal sector, the literacy level, and the over 30 million Nigerians that are unbanked, a minimum of six months window ought to have been given for the currency swap exercise.”

CPPE called for urgent intervention of President Muhammadu Buhari to save millions of Nigerians from the anguish and pain of the current stampede of currency swap inflicted by an unrealistic timeline and glaring capacity gaps in the management of the process.

Currency Swap Deadline: CBN Seeks Enlightenment For Rural Communities

He said, the argument that currency swap would enhance monetary policy effectiveness and curb inflation has no strong basis in economic theory, saying, “money supply is a more critical variable in the inflation equation.  Total money supply in the Nigerian economy as at December 2022 was N52 trillion; total currency was N2.6 trillion. Thus, cash as percentage of money supply was only five per cent. The implication is that 95 per cent of money is still within the banking system.

“The focus of monetary authorities should be on regulating money supply, not on mopping up currency notes. Currency notes are meant to be largely outside the banks, not in the banks.”

Yusuf stated that “the CPPE is worried that the CBN is committing huge resources to fixing what is not broken. The cost to the economy is also enormous.”

He added that “our cashless performance should be presented as the most urgent matter confronting the Nigerian economy.  There are more critical macro-economic issues demanding the attention of the country’s economic managers and policy makers.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Currency Swap
SendShareTweetShare
Previous Post

NGO Exposes 1,500 Youths To Technology Opportunities

Next Post

Dangote Emerges Vanguard Personality Of The Year

Bukola Idowu and Olushola Bello

Bukola Idowu and Olushola Bello

You May Like

At LEADERSHIP Twitter Spaces: AMCON Creates Moral Hazard For Banking Industry – Analysts
Business

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

2025/07/04
NADF Unveils Digital Tool To Track N19.5bn Agri-support Project
Business

NADF Unveils Digital Tool To Track N19.5bn Agri-support Project

2025/07/04
Business

FG Begins Vehicle Recycling Enforcement October, Eyes N60bn Annually

2025/07/04
Zenith Bank Emerges Most Sustainable Bank
Business

Zenith Bank Ranked Nigeria’s Top Tier 1 Bank

2025/07/04
GTCO, 7 Others Post N1.3trn Pre-tax Profit In Q1
Business

GTCO Raises $105m In Share Sale, To List On London Exchange

2025/07/04
Norrenberger Promotes Financial Literacy In Children
Business

Norrenberger Opens Regional Office In Kano

2025/07/04
Leadership Conference advertisement

LATEST

2027: Ohanaeze Interested In Welfare Of Citizens, Not Partisan Politics — Spokesman

Football Star Diogo Jota, Brother For Burial Saturday

Federal Gov’t, Kaduna Collaborate On Light Rail Project

20 Injured As Gas Explosion Rocks Rome

Nigerian Indicted Over $14.6bn Healthcare Fraud In US

PICTORIAL: OPSH Troops Neutralise 1 Bandit, Arrest Gunrunner, Recover Weapons In Plateau

Miley Cyrus’s Video Of ‘Every Girl You’ve Ever Loved’ Features Supermodel Naomi

Korean Staged Cinema Production Raises Question Of How We Treat Elderly In Our Societies

The Chosen Season 6’ Is The Most Gruesome Filming Of The Series – Jenkins & Roumie

‘We Are Open To Music Collaboration Between Korea & Nigerian Artistes

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.