As the deadline for using the old naira notes of N1000, N500 and N200 draws near or dangerously near, I may add, which is January 31, people are in a panic and live in uncertainty.
This is because contrary to the assurances of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele of the availability of the new notes, they are not available in reality.
In October last year, the Central Bank Governor said Nigeria would introduce newly designed naira notes
He said circulation of the new naira notes was to begin December 15, 2022, while old notes remained valid until January 31, 2023.
All holders of the old notes were asked to begin returning them immediately, and bank charges for cash deposits were also suspended.
People are however now in long queues, even said to have performed their prayers there. People are closing their shops afraid of collecting old naira notes and not being able to change them.
While those that open shops reject old notes and for those that don’t have them, they have to go back home in a dilemma.
In one naming ceremony people were advised to stock foodstuff because nobody knows what would happen next.
There are allegations of selling new notes. If you give N100, 000 of old naira notes you get N95, 000 of new notes. A new racket has emerged to exploit people. And these people know they could change the old notes they collect. They may also be agents of bank officials. Or else how
could anyone in his right senses attempt to do that unless he is involved in this racket of fleecing people because they are desperate?
Another allegation is that politicians have millions of the new naira notes, but the ordinary man in the street doesn’t have.
Where you have it, let’s say you have N1, 000 new notes and you board a commercial vehicle, you pay with it and the driver gives you change of N500 and N200 of old notes. What are you expected to do?
Should you collect it and go and change it, that is if you can change it, or should you quarrel with the driver and demand change in new notes since you paid with new notes as well? What if he doesn’t have the new notes?
It is good to go cashless, to reduce the volume of cash in circulation, may even reduce kidnapping if cash is not readily available to pay ransom, among other advantages by experts. However, when you go to a small shop with N200 to buy N100 items and it is rejected, or you go with
N500 and buy N300 worth items, you get change in the old naira note, what are you going to do with it?
I once asked a POS operator about the new naira notes. She said they were not much in the banks, that she asked for N300, 000, but only got N40, 000!
So what are people expected to do in this regard?
Even though the ‘Nigerian factor’ may not be ruled out in some cases where people would relax until the deadline approaches and they would rush, the truth is that the new naira notes are not available.
I never got a new note from the ATM and one day out of N5000 from the POS I got only N500.
The problem is however beyond going to the market and transportation, as the bride price in old notes is said to be rejected in Niger State. They asked them to change it with new notes.
Maybe the time has come to pay the bride price and other marriage money through online banking.
Due to the apparent non availability of the new notes, calls have been made to the CBN governor for extension of the deadline as well as pointing out that many people in the rural areas don’t have bank accounts and in some rural areas there are no banks. As such it would be difficult for them;
they need more time and probably more enlightenment.
The National Assembly has also asked the CBN for a six months’ extension, but Emefiele said CBN would not extend the deadline.
While Emefiele is adamant on the deadline, if the new notes were available, nobody would have complained, and all this panic and uncertainty wouldn’t have arisen.
People can only pray since the leaders are not in tune with reality. They live in their own world.
