The brouhaha surrounding the redesign of the naira by the Central Bank of Nigeria (CBN) and the subsequent withdrawal of the old notes with the deadline originally set at January 31, 2023, has been reverberating nationwide even before the end of 2022.
It is, however, gladdening to note that the CBN has just extended the deadline for the usage of the old notes by 10 days, up to February 10, 2023. The battle, however, appears unabating. This battle which had extended to the two arms of the National Assembly, the Senate and the House of Representatives has still remained heated in the public domain with various permutations and insinuations introduced into the unfolding imbroglio.
First, there is the general perception that the naira redesign and the subsequent policy on cash withdrawal limits are linked to the forthcoming general elections scheduled for February and March 2023. That appears plausible given the country’s experience in previous elections where vote buying through the dispensing of cash to gullible voters had played very key role in electorates’ inducements to vote in some particular direction.
Second, the above scenario raises the issue of the need for the promotion of a cashless economy in the country. This would require the strengthening of the requisite soft and hard infrastructure to guarantee success. Issues of cyber security need to be addressed as well as the enhancement of financial inclusion for the vast majority of Nigerians in the rural areas who scarcely have access to banking and financial services in their domains.
Currently, there has been a silent blame game brewing between the CBN and the Deposit Money Banks . The DMBs are saying they don’t have the new notes while the CBN says they have it. Somebody is not telling the full story. It is strange that even after depositing the old notes with the banks, withdrawal of cash from the Automated Teller Machines still bring out old notes. This is a case of going round in circles. The CBN should compel the banks to stop feeding their ATMs with the old notes.
It would be advisable to conclude this process before the commencement of the Presidential elections on February 25. Hence, the new February 10 deadline set by the CBN appear feasible. It may not be proper to prolong this issue up to June or July 2023 as proposed by the House of Representatives and the Senate respectively. Rightly or wrongly, any extension beyond the period of the elections could be perceived as aiding vote buying, particularly in the hinterland.
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