NEW NAIRA NOTES CITIZENS SUFFERING AND FG’S APPROACH

By Ambrose Obioma Okehi (News Emperor)

Nigerian citizens have been overstressed and tormented at the moment in the name of Naira redesigning.

Their cries and lamentation are becoming so loud against what they called deadly fiscal policy of the Federal Government.

Their outcry was based on what they have been going through and are still going through within two weeks because of the redesigning of naira notes.

Worse still is the way and manner the so-called new naira redesigning policies is going which is making many to ask questions such as, does it really to make or mare Nigerians it has brought untold harship and suffering with it?

They alleged that policies and the approaches the authorities are using in its implemention are raising more doubts and concerns, makes it looks suspicious.

Recall too that the lawmakers had from the unset kicked against these policy and its timing and equally even at mid-implemention requested for an extension for at least six months. The Finance ministry on its own has claimed ignorance of the whole thing from the beginning at a point threatened to disassociating itself from the impromptu nature of the policy. But unfortunately, those behind the game still had ways as they refused to listen to the voices of wisdom.

Findings revealed that they (Nigerians) felt betrayed by this government and their policies as well as the way the authorities thrilled them into rushing to banks to deposit all their cash into the bank and coming out empty handed and stranded of cash.

In fact, within since last Thursday, Friday, and even weekend (when ordinarily banks supposed not to work), Nigerians were surprised that government just allowed them to go through hell in search of the new note and trying to beat the deadline only for the CBN to make u-turn that same Sunday afternoon when most Nigerians were coming out from the banks after depositing all their cash to announce a shift.

Most Nigerans while depositing their last kobos in their hands into the banks had the expectations of getting the new naira notes in exchange, but these expectations were dashed as government came with the announcement of the extension of the final withdrawal of the old notes by the Central Bank of Nigeria, CBN, extending it with 10 days more.

Many, according to our investigation, are yet to understand what actually is going on while others are surprised at the sudden u-turn of the FG-led CBN over the extension without the new notes in circulation and the old notes nowhere to be found, alleging that the 10 extension may not make any difference.
They are even blaming CBN for these lapses even when it had earlier vowed not go back in its earlier deadline of January 31,223.

It was based on thse many victims and inconveniences that some told News Emperor that what happened within the weekend and now was similar to the monetary policy of 1967, when the Federal Government of Nigeria collected and monies in the accounts Igbo and only allow them to get 29 pounds, a monetary policy formulated by the then Chairman of the Federal Executive Council and Minister of Finance, late Obafemi Awolowoas well as CBN and overnight just to strangulate a particular set of people. But they failed though the policy that made some people to loose all the money in their bank accounts but to the glory of God, they bounced back.

Nigerians are today sensing the same way, thinking if there something behind this policy because of the what they have gone through from Monday, January 29th to 30th Tuesday and even now in the hands of bank officials midst the acute and biting scarcity of both the new and old notes.

It could be noted as well that the latest development came shortly after the CBN Governor, Godwin Emefiele had announced on Sunday afternoon that the Apex Regulatory bank has gotten approval from President Mohammdu Buhari to extend the deadline for the exchange of the old notes to new naira notes, from January 31 to February 10,2023.

The CBN had earlier told Nigerians that they want to give them hope.
“Aside from those holding illcit/stollen Naira in their homes for speculative reasons, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their monies at the CBN for exchange.

“Based on the foregoing, we sought and obtained the approval of the President for the following: A 10-day extension of the deadline from January 31 to February 10 to allow collection of the old notes legitimately held by Nigerians and a seven-day grace period beginning on February 10, 2023 in compliance with Section 20 (3) and 22 of the CBN’s Act allowing Nigerians to deposit their old notes at CBN after February deadline for the cessaion of the notes as legal
tender,” Emefiele had said.

Already, as from Monday business hours tilll today being Wednesday, commercial banks are still unable to let both the new and the old notes get across to the masses. rather, they are making serious business from it all and ripping the poor masses off of their hard earned monies.

And this development has resulted into an unfriendly economy as well as rat race for the people who would have been better off with their old notes at their homes without being bothered or forced into depositing them to the bank without any cash with them them to feed on and get stranded at bank halls, Aotomated Teller Machines, ATMs and even POSs.

Recall as well that the Apex bank had earlier promised Nigerians that it had instructed the commercial banks to load the ATMs with the new naira notes so as to make circulation of the new notes more easier but that dream also was nowhere to be realised.

Meanwhile, further investigation revealed that these new notes are nowhere to be found rather the bank officials into a serious business of selling and reserving the new naira notes for their preferred big time customs and other highest bidders.

Some commercial bank customers confirmed to News Emperor that their bankers are selling the both new and old notes to POS operators and other big time politicians at the moment while the ooor Nigerians masses are desperately in search of both the the old and new notes.

Majority of these POS operators operators are no more operating, mostly those who couldn’t afford to the demands of the bankers as they have no other option that close shop.

Those who are operating alleged that they bought the old notes from the banks and could not even see the new notes.

Annoyingly too, they are no more charging their usual N100 per every N5000 withdrawal but N300 per N5000, N600 for N10000. All these arrangement from the authorities ill-lanned and are just to make the poor masses suffer.

The so-called banks and mostly their top ogas, as we gathered, have seen this as opportunity and means to enrich themselves. They have capitalised on these curruptive means to enrich themselves at the detriment of the masses.

Many Nigerians are yet to actually wondering where exactly the country is going looking at the government and what it has in offing for its citizens.

This is so because, they are not only battling with the harsh eonomy this government has subjected them into, there is also fuel scarcity in town in which a litre of fuel us currently selling at almost N400 and N500 in some other states. All these have come to double the current situation of inflation and the suffering in the country and few cash in peoples’ helping the masses already collected by the banks in a connious way.

With the situation on ground, many are being forced to ask, is this a cashless policy would really foster effective, efficient payment system that will bring about a well strctured cashless economy as practiced abroad?
Or are there other hidden things yet to be unveilled? Time will tell!