The circulation of the newly redesigned major Nigerian currencies has precipitated a crisis for the majority of people across the country.
Nigerians are unhappy about the challenges of getting and spending their own money deposited in the bank vaults in preparation for the deadline as earlier announced by the Central Bank of Nigeria, CBN.
With many people hanging in the loop, it behoves on Government to immediately rethink her strategy and restore normalcy in the Nigerian money market.
These are trying times for Nigerians. Since October last year, Nigerians have been in a running battle over disrupted petrol supply accompanied by galloping prices, poor power supply, high transpiration cost, spiralling food and other consumer goods prices and the bitter soup to eat now is the drastic shortfall in money supply.
No one ever imagined that a day will come when they will have to get by on just a few Naira Notes for several days.
The designers of the new monetary policy were of the view that all those involved in the process will carry out due diligence for a seamless process.
But, those who should know better have been wringing their fingers as anger surged across the country.
The infrastructure of the commercial Banks to achieve the new cashless economy has so far proven inadequate. The Banks which are also charged with the responsibility of dispensing and disbursing the new Naira Notes have been playing fast games, some of them have been fingered for selling the new notes to their cronies, and oftentimes the highest bidders.
At this stage, some Nigerians have gone ahead to devise unconventional and expensive means of circulating the few old Naira Notes still in their hands as petrol stations became the new Banks, changing and dispensing money in very high percentages to those in dire need.
As the crisis raged and anger swelled, President Mohammadu Buhari in a meeting with APC Governors promised to find a solution before February 10, the new date for the expiration of the old Naira Notes.
The Governors had in a meeting with the President solicited that the extension ceiling be completely removed and change of the Naira Notes continue unhindered.
Going, however, by several video clips which surfaced on social media displaying huge piles of money in the hands of the wealthy, there may be some wisdom after all in setting this new stage for Nigeria’s money economy.
Also, some people believed that in implementing the Central Bank of Nigeria, CBN’s deadline, the Apex body ought to have stuck to its own process and ensured the availability of the new money.
A good number of people were therefore disappointed when CBN relaxed its stance following pressure from those believed to be holding fast to their money.
CBN, in reviewing the success of the exercise had told the world that, over one point nine trillion Naira of the over two point seven trillion cash held outside the Banks had come into the vaults.
Where Nigerians stand now is how to survive between now and February 10 and beyond. The speed breakers on the path are a major source of discomfort to many whose anger has been displayed in various ways from Benin, to Lagos and across the nation.
To douse the tension, CBN has not only directed the release of one hundred Naira, fifty Naira as well as twenty, ten and five Naira Notes but is now going to all the Banks to check compliance and the results have been shocking.
The Apex bank has also asked Banks to start dispensing money over the counter to ostensibly take the pressure off the Automated Teller Machines, ATMs.
These measures are good in themselves to cure the problem right now, but the question Nigerians are asking is, why were these measures not introduced and pre-tested before January 31st?
Whatever the situation now, Nigerians can no longer long for a past far gone.
The ongoing crisis has given all stakeholders and Nigerians the opportunity to correct the hitches observed and provide necessary improvements for the cashless policy and new withdrawal limits to work smoothly.
As Nigerians inch towards February 10, 2023, it is only necessary that the envisaged new status quo provide peace and happiness for the people.
