We Will Help You, But Stop Swapping Old Naira For Bandits – Masari Cautions Traders

We Will Help You, But Stop Swapping Old Naira For Bandits – Masari Cautions Traders

Bello Masari, the Executive Governor of Katsina state, has warned traders in the state to desist from assisting bandits in the state to swap old currencies.

He made this known in the course of an interaction with traders in the state at the Government House in the state capital.

The Governor blasted Godwin Emefiele, the Central Bank Governor, saying he was ignorant of the suffering of the masses owing to the cash redesign policy.

He acknowledged the policy as good, but adding that its implementation was very poor.

Masari faulted the transition period, saying it was too short for a country like Nigeria where the formal sector of the economy was in competition with the informal sector.

He further expressed disappointment over the CBN’s non-compliance with the verdict of the Nigerian Supreme Court on the matter, even when the Minister of Justice had stated that FG would respect the court decision.

According to him: “We will assist you, but don’t take advantage of this situation to collect old naira notes from bandits for swapping.”

“He (Emefiele) doesn’t know the hardship facing Nigerians as a result of the naira redesign policy.

“The naira redesign policy is good, but implementation is poor. No transition: the transition period is too short and too sudden in a country where the informal sector is competing with the formal sector.

“I am really disappointed that the Supreme Court of Nigeria should give a ruling which the Governor of the Central Bank refused to follow. What kind of country is this?

“I called the CBN controller here in Katsina; he told me he had not received any instruction from his headquarters. I talk to bank managers; their headquarters have not been contacted by the apex bank.

“And the Attorney-General of the Federation has clearly made a statement that the government will respect the decision of the Supreme Court. Why is the governor of the CBN not respecting the decision of the Supreme Court?”

“Who is he? I think something is wrong somewhere and I hope those who are responsible for taking decisions will take it. On our part, we will do whatever it takes to help our people. We are here for them not them for us.”