Three months ago, the Central Bank of Nigeria (CBN), under the leadership of Mr. Godwin Emeifele got the nod of Mr. President, Muhammadu Buhari to redesign the N1000, N500 and N200 notes, respectively. The idea behind the redesigning of the notes, according to the helmsman of the apex bank, was to curb the excess liquidity in the hands of few individuals that have allegedly stockpiled so much cash illegitimately, and to address the issue of inflation in the country. Another reason advanced also, was to checkmate the infamous activities of terrorists and kidnappers who over the years, resorted to ransom payments having collected huge sums of money from families of victims, before releasing the lucky ones. The idea to tame political thuggery and to ensure politicians do not have enough cash to cause havoc now that the country is preparing for general elections cannot also be ruled out. However, the issue of cashless society which the government is pursuing vigorously and wants to fully enthrone, as it is obtainable in other climes, also is one of the objectives of the naira redesign.
The CBN disclosed that it has mopped up about N1.9trillion of the old currency since the redesigned naira came into circulation. The challenge at present is that the new naira notes which the Central Bank claimed it has released to the commercial banks, suddenly cannot be found, either in the banks, ATM and Point of Sales (POS). This development has raised so many questions such as, how is it possible that the people who are genuinely in need of this money are not having it, despite the claim by the CBN that it has released enough money for commercial banks to dispense to the customers? Where are those hawking money and selling at party venues getting theirs? And many more questions begging for answers. The postponement of date by the government from January 31 to February 10, during which the old naira notes of N1000, N500 and N200 shall cease to be legal tender means that indeed, there was sabotage. Earlier, the president, Muhammadu Buhari asked, when interviewed on television, whether three months was not enough for people to exchange whatever money they had with the banks. However, the president succumbed to pressure and extended the closing period by ten days.
The confirmation by the Directorate of State Services (DSS) that it has arrested some members of an organised syndicate in connivance with bank officials who suddenly became merchants in the sale to the highest bidder of the redesigned naira notes, indeed was the cause of the paucity of the naira notes. The truth is, if we cannot have the new notes, then the objective behind the redesigning of the notes is defeated. This also means that something is wrong with our system. That was how they said the petroleum subsidy was not the problem of the Nigerian economy. But today, same people who supported subsidy in the past are also those calling for the removal of the petroleum subsidy. Inconsistent policies which Nigeria is guilty of, in many areas, indeed are the reasons why the country is not making impactful growth in all facets of her economy. It is not enough for the CBN to tell us that it has released money to the commercial banks. We think what Nigerians want is to have cash readily available for the citizens to transact their businesses, even in the remotest villages in the country. While we believe that the policy of naira redesign is intended to heal the ailing economy, it is also important for government to embark on serious sensitisation programmes, to make the people in the rural areas realise the intentions of government, that has also created alternative channels of cash transactions.
We expect banks to load their Automated Teller Machines (ATM) with the new notes and no longer hoard it to sell to the big men and women in society. We also call on the CBN to remember that February 10 is already here, and should not allow the harrowing experience of the past weeks, whereby citizens ran from pillar to post in search of the new naira notes. We expect also the Independent Corrupt Practices and other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC) and the Directorate of State Services (DSS), to swing into action by ensuring that economic saboteurs, who are bent on thwarting government policies, either by commission or omission, are made to account for their sins to save the country from the unnecessary hardships which have become part of the daily lives of Nigerians.
