After a long days and nights of protest online, the Central Bank Of Nigeria (CBN) has officially on Sunday afternoon being 29th January 2023 announced a new deadline of old Naira notes from on 31st January 2023 to on 10th February 2023.
This development has generated alot of reactions among Nigerians.
It is on this note that our familiar writer on this platform, Sani Michael Omakoji ( SMO ) has bore his mind on the same matter
Let us read what he has to say:
“The idea behind the redesigning of Naira Notes are principally:
1. To go cashless;
2. To eliminate the amount of money floating outside the records of commercial vaults and
3. To control the rate of inflation as we have too much money in circulation chasing fewer goods.
In my recent ARTICLE on this subject matter, I commended the federal government of Nigeria for the conceptualization of this monetary policy.
However, it baffles me why some people are on social media crying out like multitude of bees that the policy is evil.
Having stated that, it is unfortunate to hear that the federal government through the Central Bank Of Nigeria ( CBN ) has yielded into the demand of some Politicians who were calling for the extension of old Naira notes in circulation.
To me, this is a miscarriage of policy by the federal government.
If some people are not keeping their money outside the vaults of commercial Banks, why are they worried ?
The policy has encouraged us to transfer large amount of money online to pay bills and do large volume of transactions, so why the panicking?
What else do we want if all our money are truly deposited in commercial Banks?
Who is that millionaire in Nigeria that he or she doesn’t have bank account?
If those who control million of Naira are encouraged to make transfer of large volume of transactions online, why are they still complaining?
Have we forgotten that the original idea of the redesigning of Naira notes policy amongst others is to go cash less?
Perhaps, the real reason why some of these so-called big men living on Peoples money are complaining is simply either by conspiracy or crook have some large amount of money in their bed rooms, farms and overhead tanks that are outside the records of commercial vaults.
Again, I think the CBN should be commended for this monetary policy at it will go along way to mitigate this short practices.
Yes, the policy like any other good policy may have its own short term negative consequences but its long term gains are far more beneficial to Nigeria and Nigerians.
For example, it has been observed that, the new Naira notes in circulation are limited in supply.
Why the above fact is true, it is also pertinent to state that if CBN has to print new Naira notes as it were in the past before this redesigning of new Naira notes, how has she encouraged cash less policy ?
You and I know that when cash less policy is perfected in Nigeria, it would in the long run reduce money bag during election and even checkmate illegal transactions going on in Nigeria without receipts.
Again, some people have argued that the new Naira notes is a way of slowing down economic activities in the rural areas because according to them they added that most of the people in the rural areas have no online account.
While again this finding cannot be disputed, I want to say that there are prizes to pay for any good policy to work.
Hence, those in the rural areas are encouraged to travel on a long distance for now, to where there is facilities for mobile banking so that they can participate in the transition process.
While the above is practicable, it is however unfortunate that the CBN has bowed to pressure that led to the extension of old Naira notes from on 31st January to on 10th February 2023.
I guessed CBN ‘s Governor Godwin Emefele, is afraid of the threat of arrest by the House of Representative Speaker, Femi G, whom was reported to be doing the bargaining plea of some Politicians.
After making the poor masses to prepare for the transition of old Naira notes to new Naira notes, why this sudden U-turn?
This is how Independent National Electoral Commission (INEC) suddenly postponed 2019 general elections without prior notice and its outcome has continued to affect Nigeria till date.
Notwithstanding of all these issues, the federal government of Nigeria is hereby advised to do the following in order to cushion the effect of Naira redesign.
1. The federal government of Nigeria should embark on aggressive awareness to educate Nigerians why everyone who has attained the age of eighteen years and above must have an online account.
2. The federal government should also as a matter of urgency ensure that all the villages and hamlets in Nigeria no matter the inhabitants therein or sizes are not just electrified but also have access to Telecommunication services such as MTN, Glo, Airtel, Etisalat and others.
These two factors above will definitely aid the full implementation of Naira notes redesigning.
In conclusion, it is embarrassing and an act of saboteur for some Nigerians who cannot boost of one thousand Naira in their Bank accounts to be recruited by some capitalists ( those who are keeping large amount of Naira outside commercial vaults ) on social media to protest that the policy is evil and as such it should be disbanded”.
