PREMIUM TIMES believes that no one has worked harder to debase the Central Bank of Nigeria than its current governor.
to redesign the nation’s banknotes from the day in October last year when the bank’s governor announced it. There were questions around the propriety of the redesign before serious conversations had been had about currency reform. With the N200 and N500 notes worth less than US$1, did it not make sense to put them out as coins? Given how rapidly these currencies move around the economy, they were likelier, as coins, to bear the ensuing wear and tear better than as notes.
With a little over a fortnight to the deadline for swapping old banknotes with the new ones, the economy struggles: the new banknotes remain a collector’s item; and banks’ automated teller machines continue to dispense the old notes. The CBN’s contortions have been unhelpful. It reversed itself on the amount of cash that banks’ customers may now withdraw across the counter.
Extending the sunset date for the banknote swap, attractive though it might seem at first blush, will not do. At least without increasing the Nigerian Security Printing and Minting Plc.’s capacity to produce banknotes. Neither will an unwieldy exit that sees both banknotes co-existing for an undefined period, during which the CBN would try to get a proper handle on this snafu.
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