The Nigeria Association of Economists (NAE) has threatened to go to court to compel the Central Bank of Nigeria (CBN) to allow the old and new naira notes in circulation until the old notes are withdrawn.
This is because the association advised the CBN to stop insisting on a deadline to withdraw all the old naira notes in circulation..
Innocent Eleazu, a professor and national president, NAE, in an address at the closing ceremony of its “Economic History Month”, held Friday in Aba, the commercial hub of Abia State, warned that the Nigerian economy is fast approaching hyperinflation.
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And he regretted that the CBN, unwisely chose to introduce the new naira notes at this time, which no doubt compounded the problem. He noted that the country is now in a dangerous situation, where anything can kick-start a bank run.
“You may be surprised to know that in the United States, both the old and the new dollar notes are still in circulation to this day”, he stated.
He lamented the underutilisation of Nigerian economists and urged the incoming administration to employ economists in all sectors of the economy.
According to him, in developed nations of the world, every sector of the economy employs a substantial number of economists.
