It is 10 days today and President Muhammadu Buhari is still
silent on how he intends to address the ongoing cash scarcity caused by the
currency redesign policy of the Central Bank of Nigeria (CBN).
Buhari had given his approval for the introduction of the
policy in October last year with a three-month deadline (January 31, 2023) to
allow Nigerians deposit their old notes.
He had argued that Nigeria had a lot to gain from the change
in naira notes.
Buhari added that he did not consider the period of three
months for the change to the new notes as being short.
“People with illicit
money buried under the soil will have a challenge with this but workers,
businesses with legitimate incomes will face no difficulties at all,” he had
said.
The policy is also aimed at helping the CBN to better
control money supply and aid security agencies in tackling illicit financial
flow.
Since Buhari unveiled the new naira notes — N1000, N500, and
N200 — to the public in November, 2022, implementation has been difficult.
Although Godwin Emefiele, the CBN governor, had said the
policy has achieved a success rate of 75 percent, it has also led to a scarcity
of cash — causing a nationwide hardship on Nigerians who are struggling to
access the new naira notes.
Despite various interventions by the CBN (cash swap, a
deadline extension to February 10, the involvement of the supreme court, and
others) to ensure a seamless implementation of the policy, things have only got
worse as many fear that the continued cash scarcity could lead to a breakdown
of law and order.
Already, some commercial banks have shut down operations in
some branches due to violent attacks on their staff members and facilities.
Many businesses have also been negatively impacted as
traders, and fillings stations begin to reject the old naira notes in some
states.
Buhari, speaking on these issues on February 3, said he had
seen reports about cash shortages and the effect on local businesses and
ordinary people.
He then asked Nigerians to give him seven days to resolve
the crisis caused by the scarcity of the new naira notes.
“I will revert to the CBN and the Minting Company. There
will be a decision one way or the other in the remaining seven days of the
10-day extension,” the president had said.
The seven days have since elapsed, but there is still no
word from the president.
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