Naira Notes Confusion shows Redesign, Swap poorly Implemented

The Confusion started by the directive from a Senior Staff of the Central Bank of Nigeria on Friday that the bank will continue to accept the 500 and 1000 Naira notes through a process he announced and the Counter Directive describing the announcement as Fake News as the sign that the Bank has failed in properly articulating the Policy and implementing it.

Guests on the Sunday Edition of the programme Journalists Hangout disclosed this in their reaction to the announcement and Counter announcement by the Central Bank of Nigeria that Deposit Money Banks will continue to accept the 500 and 1000 Naira Notes and a Counter announcement a few Hours later describing it as fake news.

Mayor Akinpelu while reacting to the confusion said it shows the depth of incompetence and malaise within the leadership of the Central Bank of Nigeria.

He added that the announcement by the Senior official who was seen in a video at the Marina House Branch of the Bank In Lagos State may not have gone down well with the Governor of the Central Bank of Nigeria who ordered a rebuttal a few hours later.

He disclosed that the rebuttal made Journalists look like fools but for the Video which surfaced online putting a lie to it for all Nigerians to see.

He said the whole thing smacks of the Biblical Tower of Babbel of discordant tunes and messages.

for his part, Anchor Ayodele Ozugbakun pinpointed the confusion around the issue as being responsible for the attack on the Central Bank of Nigeria in Benin City which led to an unconfirmed number of casualties.

For his part, Babajide Kolade-Otitoju said the time given by the Central Bank of Nigeria for people to make the change from the old notes to the new ones is too short pointing at the examples of other countries who have undergone similar processes who have given as much as two years with the example of Saudi Arabia with a similar process still ongoing after 7 years.

He wondered how the Central Bank of Nigeria’s Leadership had hoped to achieve the target with over 400 of the nations’ 774 Local Government having no banking services.

He said the Central Bank of Nigeria has still not given a concrete answer on how people will not lose their hard earned money.

He asked how the Central Bank could have thought they will be able to handle influx of people who will be rushing to deposit money to ensure they do not suffer losses.

CBN FAILED NIGERIA IN CURRENCY REDESIGN, SWAP – JH

The Central Bank of Nigeria has been advised to rethink its Naira Redesign Policy to put a stop to the current hardship being experienced by most Nigerians over the scarcity of the New Naira Notes.

Guests and Contributors on the Journalists Hangout on Sunday gave this charge while speaking on the reported demand by Terrorists for a sum of N105 Million Naira for abducted Students of the Federal Government College Birnin Yauri in Yobe State.

Anchor Ayodele Ozugbakun who set the ball rolling said its become increasingly difficult to even do any basic thing due to the scarcity of the New Notes.

For his part Babajide Kolade-Otitoju said the issue is so bad that he cannot even spend money the way he would normally spend and also help people who have been turned to beggars because of the misguided and poorly implemented Policy.

He added that but for a good Samaritan working in one of the Deposit Money Banks in Nigeria who gave him the sum of 20000 Naira almost two weeks ago, it would have been almost impossible to even go out and be able to work.

He said it is even better for people who live in the City but it is better imagined what people are going through in the rural areas is another matter entirely.

He disclosed that his sister had to find money to send to their aged mother in the Village for her to be able to survive and get basic things done.

He expressed his disappointment with the Journalists who work in media houses who have been backing the Policy which has imposed untold hardship on Nigerians all because of what he described is PR.

He said no matter the noise by emergency activists on the stellar performance of the Central Bank Governor, the facts are there to show that he is an abject failure.

He disclose that the money paid to them will soon finish and they will return to square one and be at the same level or worse than everybody else.

For his Part Mayor Akinpelu, said it is quite astounding that anybody especially Journalists could wake up every morning to defend a very badly conceived and implemented Policy by the Central Bank of Nigeria as a very good one.

He expressed sadness at the audacity to defend the policy all because of a PR Contract by their proprietor from the Central Bank of Nigeria’s governor.

He described the attitude is just shocking adding that nobody will stand up to say he is against the Policy but that its implementation has been nothing short of amateurish and reeks from top to bottom of incompetence.

He said its beggars belief that people have no access to their legitimately earned money to go about their lives without hindrance and this kind of situation is still being defended daily by so called professional Journalists who have now become nothing but defenders of suffering of the masses.

He called on all Professionals across the country to come together to impress it upon the Governor of the Central Bank of Nigeria that he is disgracing them and himself with the very poor manner the ill thought out Cashless Policy and Currency Swap are being implemented.

They both rained curses on people who have been behind this hardship inducing policy that has made people like Mayor Akinpelu cry while old men have been seen stripping naked over their inability to have access to their legitimately earned earnings.

Babajide Kolade-Otitoju who scoffed at the assertion that the Policy will stop vote buying said it has created a fertile ground for vote buying since it has according to a conversation he had with a politician made Nigerians vulnerable without cash and access to their legitimate earnings with most banks now closed after attacks by angry mob wanting to have access to their Money.

He also said a Yam Seller gave him 5000 Naira on Friday night having ran out of cash he had been managing for almost two weeks.