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Naira swap: VC tasks CBN to inject more funds to reduce public outcry



The Vice-Chanellor, Bells University of Technology, Ota, Ogun State, Prof. Jetemiah Ojediran, has appealed to Central Bank of Nigeria (CBN) to release more funds into circulation, to reduce the sufferings of Nigerians.

Ojediran made the appeal while speaking with the our correspondent on Thursday in Ota, Ogun.

It was reported that the Supreme Court, on Wednesday, granted an interim injunction restraining the apex bank from enforcing the Feb.10 deadline on Naira swap.

He commended the the decision of the court for restraining the CBN from enforcing the deadline on Naira swap.
The vice-chancellor noted that the apex bank needed to inject more funds into the system to reduce hardships inflicted on Nigerians.

“An extension by the Supreme Court will be useless if the CBN does not inject sufficient funds into the circulation,” he said.

Ojediran said that the development was an unfortunate situation and unexpected, adding that there was no proper planning for the fiscal change.

He said that this Naira swap was supposed to be a long time planning of gradually changing of the new look.

The vice-chancellor noted that something had to be done as the apex bank, Department of State Services (DSS) and other law enforcement agencies, had to move in to ensure that people could get their cash from the deposit money banks.

Ojediran urged the Federal Government to be responsive in tackling petrol and cash scarcity, to reduce sufferings of the masses.


Ige Adekunle

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.



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