The CBN Governor Godwin Emefiele, on Wednesday October 26, 2022, announced the plan to redesign the #200, #500 and #1000 Naira Notes and that the old notes will no will no longer serve as a legal tender in Nigeria again. I can tell you that every Nigerian was happy to hear that at least that will make useless the stack of Naira with the underworld and criminal element in Nigeria.
But the outcome of the policy did not produces positive result but put Nigerians under pressure and the reign of Naira scarcity commenced.
I remember one of the protesters who could not expressed himself in English. The protester say “Pressure Ti Wa” which means unrest.
The CBN announcement that Nigerians should deposit their old notes to the bank before the deadline on 31st January 2023, but unfortunately no new naira available. After so much uproar from Nigerians, the deadline was extended to February 10, 2023. Getting New Naira notes became more difficult to get in each passing day. Queues in banks became a regular norm, banks gave out little or no cash. It got to a point bank dictates the amount to give a customer.
Those who have access to the new notes hoard them and sell them in the parrellel market. The POS operators are now charging 10% or more to withdraw cash. Some even say the bankers are selling the new notes to the POS operators. POS vendors used the opportunity to make extra money by adding outrageous charges to withdrawals.
Many Nigerians are going through a lots of angers and frustrations. Citizens, food vendor, market women, bus drivers, hawkers and many more are going through hardship because of this issue of scarcity of Naira. This coupled with the scarcity of fuel is making me to think that the Jappa people may be right about Nigeria.
The league of governors even took the CBN and federal government to court on this matter and the case was adjourned to February 22, 2023. The Supreme Court gave directive that the old naira notes remain legal tender until judgement is given. I am surprise with President Buhari’s broadcast that only the 200 Naira notes will be legal tender which is contrarily to the Supreme Court position on the matter.
President Buhari, a repented democrat is at it again flouting the Supreme Court order. We he have done this if he is seeking reelection? Is the policy an attempt to block some individuals from winning the election? Will INEC be able to conduct an election in the amid of uproar from the Nigeria citizens? I think time we tell as we watch thing unfolding over the next 2 weeks to 1 month as Nigerians choose their next president.
I hope the CBN Governor finds a solution to this before it gets out of hand and instigate the unrest in the country that can jeopardize the 2023 election process.
Election has passed and judgement has been given by the Supreme Court, we are back to square one till December 31st 2023. Both old and new currencies are legal tender in Nigeria till end of the year.
Sincerely, I will be glad if anyone can tell me what positive impact the Naira redesigned has made in the life of an average Nigerian.
