The topic that dominates everywhere is the scarcity of new naira notes of N200, N500 and N1000 that is causing untold hardship for the people. Super markets, filling stations, motor parks, bus drivers and so on reject the old notes, while the people don’t have the new notes.
The original deadline for the use of the old notes was January 31, 2023, but it was extended to February 10 which brought a little respite to the people while the governments of Kaduna, Kogi and Zamfara took the Federal Government to the Supreme Court, challenging it over the policy. The Supreme Court said the old notes remained legal tender until February 15 set for hearing.
This caused confusion for people on what to do, should they accept or reject it, should they use it to buy something with it as well?
However, on February 15 when people were eager to hear the outcome of the Supreme Court they were disappointed to hear that the court had adjourned the hearing to February 22 in order for the court to consolidate all cases on the matter emanating from nine more states seeking to be joined in the suit.
In a ruling on Wednesday, a seven-member panel, led by Justice John Okoro, the apex court joined the attorneys-general of Katsina, Lagos, Ondo, Ogun, Ekiti, Cross River and Sokoto States as co-plaintiffs, while the attorneys-general of Edo and Bayelsa States were joined as co-respondents.
There were some protests and bank attacks by frustrated people. The Central Bank of Nigeria headquarters in Abuja was also besieged by people that took their old notes as directed that when the old notes ceased to become legal tender people that had them could still take them to the CBN.
They complained that for hours they were not attended to and, when the process was tedious, they filled forms but the old notes were not collected.
Therefore, when it was said that President Muhammadu Buhari would address the nation yesterday some were hopeful that their suffering had touched the heart of the president and he would bring measures to alleviate it.
He said N200 would remain legal tender until April 10, however N500 and N1000 are no longer legal tenders.
“Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening the loopholes associated with money laundering.
“Let me reassure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times,” the president’s speech read in part.
So to some extent the ordinary people that have always been Buhari’s constituents are not happy as they have not seen a direct link of the president’s broadcast with succour to their suffering.
For example, those that use public transport are stranded because they don’t have new notes and the drivers refuse to collect the old ones they have.
Somebody who lives in Suleja and wanted to come to his workshop in town was in this dilemma yesterday. Meanwhile, customers were calling him, demanding why he was late, he said he would try PoS operators to see if he could get new notes at “any price.”
Some are said to trek long distances, but some have to stay at home.
In any event, perhaps the CBN has underestimated what would happen; perhaps they have envisaged a smooth sailing as in a dreamland, perhaps they have been too busy targeting money laundering, money outside the banking system, or perhaps they have been blinded targeting politicians that would use money to buy votes to consider the impact of the policy on the ordinary citizen.
The policy in itself may be laudable but the way they go about it is the problem. Since December 15, 2022 when the new notes were introduced, people complained that they got old notes at ATM, PoS and banks, but nothing was done, which led to the current crisis of naira scarcity. If the new notes were sufficiently released even hoarding by some bankers would not have arisen.
Therefore, with only eight days to the presidential election some send messages on social media, calling on people not to go on protest, but rather to have their revenge on Election Day, apparently by voting out the party that has brought the hardship caused by the naira swap policy at this material time.
You see APC chieftains trying vigorously to distance the party from the policy. They say, “This is not the policy of the APC.” But not wanting to be seen as being too critical of the president they would instead blame the CBN Governor Godwin Emefiele.
“You know the president doesn’t like corruption and if you go to him and present a policy to fight it, he would agree,” they say.
The people in the time being are too intent on how to survive without falling to pieces.
