Economy

Old Naira Swap Was Actually Currency Confistication – Keyamo

Ola ‘Kiya, Reporting

THE Naira notes swap should be better described as currency confistication, Minister of State for Labour and Productivity, Festus Keyamo, SAN, has opined.

Speaking on Channels TV Friday edition of The 2023 Verdict, Keyamo said cash swap being touted by the Central Bank of Nigeria (CBN) was fraudulent as the banks ended up confisticating the public’s old Naira notes without a commensurate swap.

He said the CBN ought to have enlarged and enhanced its capacity base before the sudden plunge into the so-called cashless policy.

He said though President Muhammadu Buhari has a good intention with the policy, but he was ill-advised to disobey the Supreme Court order directing the Federal Government to allow the old and new Naira notes concurrently.

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