March 12, (THEWILL) – For the past one month, Nigerians had been thrown into restlessness, following the introduction of the cashless policy by the Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
To many, it is an unprecedented policy that had never been witnessed before. Although, the Apex bank informed Nigerians about the phase-out of the old 200, 500 and 1000 Naira notes and its plan to redesign new ones. Their plan has held sway. Few are comfortable with the idea; while many had kicked against it, but thank goodness, the N200 became legal tender as graciously approved by President Muhammadu Buhari, through his live broadcast on electronic media.
Before the just-concluded February 25th Presidential and National Assembly polls, it was rumoured that Emefiele’s clandestine initiative was mainly targeted at checkmating votes-buying by some suspected political party candidates in the race. This was globally commended.
This essence of curbing the purchase of vote casts was still not defeated because “Naira” rained heavily during the exercise. The APC, PDP and LP and party’s Campaign Committee members have begun to trade blame over who marred electoral processes with irregularities. The present challenges now are complex. CBN came up with a good brainchild but it should have organised itself well to avert the current crunch that had befallen the
It has never been easy for many Nigerians irrespective of status. This condition has continued to paralyse the daily activities of Government and non-governmental organisations. Traders are finding it uneasy, hence their businesses have crumbled because there is no cash in the system.
The Union, Guarantee Trust, First, Access, Diamond, United Bank of Africa, Zenith, Heritage, First City Monument, Wema, Sterling and Stanbic IBTC banks were reported to have been experiencing a dearth of cash from the Central Bank. This development has frustrated many Nigerians as they could no longer have access to their money. This is pathetic!
It is not funny, at all. Recently, a middle-aged lady visited a Point Of Service (POS) to withdraw Two Thousand Naira (N2,000) from her account, but the operator charged her Six Hundred (N600). The poor-looking damsel was pleading with the man to deduct N400 charge and give her N1,600, but the POS owner refused. This forced the lady to burst into tears. “This Two Thousand is the only money that I had in my bank account”, she cried.
This is really touching. One can see the pains Nigerian citizens have been subjected to by the policy. Pregnant women, nursing mothers, the aged, the sick and people living with disabilities have reacted to this excruciating pain meted on them over the unconsidered policy by the apex bank.
The recent pronouncement of President Muhammadu Buhari over the usage of the old N200 notes has never added any meaningful impact to this effect. Nigerians have appealed to the Federal Government to reverse it.
The Central Bank of Nigeria has a good idea, but failed to execute it professionally so that it would not be harsh or subject the citizens to hardship. Perhaps, Emefiele had been under the apron of the Presidency. He is being remoted to do or not do. Ordinarily, the Governor of an apex financial institution exercises his strong power without interference except for the President to some extent.
To say here that the Nigerian currency is regaining its value should not be an avenue to massage the ego of Mr Emefiele. It had been the anticipation of Nigerians to see that the legal tender is not devalued.
One could see that there are blessings in disguise about the current crunch. The kidnapping rate that had ravaged the country reduced since the introduction of the “CBN mismanaged cashless policy. The reason is that the abductors can no longer have access to the heavy amounts of funds being paid to them as ransom in order to free their victims.
The glory should be ascribed unto the CBN over this good news. That had been the dream of Nigerians under the administration of the President, Muhammadu Buhari, who on assumption of office, pledged to tackle insecurity.
President Muhammadu Buhari’s silence over this crisis his subjects are facing cannot be deemed as proper. He ought to have addressed Nigerians on what to do as there is palpable confusion beclouding the whole situation about the old Naira notes being rejected by Nigerians.
The crunch has heightened tension in the country. Residents of all the States, have, by this development, been thrown into untold hardship over non-dispensation of cash by banks even as old currency notes issued to customers are being rejected by traders, transporters, filling stations, commercial drivers and corporate establishments.
It was learnt that those who received old N500 and N1000 notes from the banks have been thrown into confusion as they now run from pillar to pole with the currency notes looking for how to spend it even when the Apex bank said it has not ordered it should be issued to customers.
Sadly, This has forced banks to shut down operations, thereby making customers scramble for cash withdrawals just for their daily upkeep, which might have been negatively effected as a result of the system.
It has been discovered that traders have resorted to selling bulks of cash they make on daily basis to the neighbouring Point of Sale (POS) operators, who in return, re-sell them to their targetted general public, who need cash for their businesses.
Premises of banks these days are no longer besieged by cash seekers, as the present Naira crunch has diverted the attention of many to the services of the Point of Sale (POS) operators.
Even yesterday, the premises of banks located along the major areas of Owerri, were not much floored by “cash seekers” as the present Naira crunch has diverted attention to the street service providers of financial transactions.
Frantic efforts made to get more reactions from some banks officials proved abortive as they were mindful of their comments over the current issue of Naira scarcity, but there are indications that they are short of cash as they issued old currency and worn-out fifty naira (N50) notes to customers.
It has been alleged that high-class POS operators and those in higher positions now liaise with bank managers to smuggle out the much-sought cash.
A businessman in Owerri, Emeka Nwosu, regretted that he has experienced a huge loss over the CBN, saying his business is being crumbled by the cash crunch.
“For some time now, I have been finding it uneasy to meet up with this ugly development. It is adversely affecting my business. I pay Thirty Thousand to withdraw One Hundred Thousand Naira from the POS operator”, he said.
It has also been alleged, that customers who throng into the banking halls immediately after the entry doors are opened by the security men, are said to be fomenting trouble and causing commotion even after being pre-informed of the non-availability of cash by Staff.
Although, A Staff of one the of first-generation banks in Nigeria, while addressing its mammoth customers that had besieged premises for various transactions, had pleaded with them to be patient over the cash crunch.
Nigerians are weeping as it stands now. Millions of bank customers can no longer have access to their hard-earned money. This President of the Federal Republic, The Senate and the House of Representatives committee chairmen of Finance and Currency kept their mouths shut.
The reasons for these scarcities cannot be said to have been made known to the general public. If one may ask, What is going on? Even if the CBN does not have cash, the presidency should seek funds in order to quotation the pains of Nigerians.
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