New notes: Research, consultation not adequately done by CBN prior to issuing policy-Adeoye

It’s eight days to January 31 deadline set by the Central Bank of Nigeria for the old notes to cease being legal tender.

Before the introduction of the redesigned notes. Reports show that each bank was allowed to load 4 billion naira in its automated teller machines across the country and dispense across the counter. But with the introduction of the new notes, the Apex Bank was now giving each of the banks 700 million naira of the redesigned notes to be distributed as customers are still getting a mixture of old and new notes from their banks, perhaps the reduction is meant to force bank customers to embrace alternative payment channels.

In his reaction, veteran journalist, Babajide Kolade-Otitoju said what the banks are doing, is to ration the new notes across ATM machines in the gallery as the CBN have begun to monitor commercial banks across the country to ensure banks are compliant with the directive of issuing out the new redesigned naira notes.

“What banks now do is to put little of the new notes in ATM galleries, say in about 5 0r 6 , and they put old notes in the remainder. When the regulators come and check, they will see these banks are compliant. They have put new notes here, but they’ve rationed the new notes. They spread them across five machines and then put old notes in the remaining three because the new notes are still not enough.

BKO who noted that the new notes are not enough added that Nigeria wants to be like the countries of the world, but we are reluctant to do things in the sensible manner that such countries do.

“If a country like the UK can change currency and give people two years despite the fact they are ahead of us in terms of infrastructure and other things, we that want to copy them, why are we unable to give our people a longer time ceiling?

He particularly noted that people who reside in rural areas do not have opportunities like those in urban areas.

“In Bono state, banks are only situated in four local governments. Out of the four, two are in Maiduguri metropolitan while the remaining two are in southern Borno.

“CBN has issued deadline for all deposits of old naira notes but on that day there will be so much violence, all kinds of problems as people will be rushing to the banks to deposit the old notes they have.

Lawmakers have reiterated that fact that people in the rural areas need to be considered.

The President is being misled, there are so many things that President Buhari is being misled about because the president can’t be in Aso Rock and know everything

“He would trust people to work for him, to tell him the situation on ground and if those people lied to him, many times he won’t know.

“Many times they are misleading, people will come up with fake security report and put before a president, this is how wicked we are in this country.

Speaking further on the issue, Mr Adewale Adeoye, a journalist said “I don’t know what goes on in the mind of our economic managers, but if the interest of the people is considered as topmost, I think they should not come this kind of policy.

According to him, redesigning currency is legitimate, as it is being done for several reasons, to preserve national heritage, to check counterfeiting and also to control money in circulation. But if we are not careful, we are going to have a cash strapped economy which seems to be where we are heading to now.

“It appears that the CBI did not undertake adequate research before enacting this policy. And I believe there was little engagement, and I believe they underestimated the degree of our technology, as we do not have enough technology to sustain this strategy.

“When they were discussing money redesign, my expectation was that you would reconstruct the way money looked, well, simply fine. It’s much the same as coloring.

“People are experiencing some challenges. Consider what occurred in the UK. In 2020 through 2022, the £50 and £20 were altered. The two Lego tenders were sealed. In truth, when it expired in September 2022, you still have the option to swap the old currency at the post office or bank, but you are imposing a deadline in this instance.

Which implies that you disdain Nigerians, are disrespectful, and don’t give a damn about the consequences of the policies you create for them.

When you mention that the money will soon expire and cease to be legal tender, you inevitably cause panic throughout the entire nation.

Mr Adeoye stated that the CBN should reconsider its stance before it is too late.