Nigeria has been witnessing queues at banks, tension, protests and unease regarding the scarcity of the new notes due to the naira redesign embarked upon by the Godwin Emefiele-led Central Bank of Nigeria.
The banking sector: Some commercial banks responsible for the smooth transmission of the financial market into cashless have allegedly been complicit in their role which worsened the hardship experienced by Nigerians. The network issue of non-alert, and failed online transactions during the surge was an avoidable challenge that ought to have been worked on long before the deadline, by upgrading servers and apps.
The Nigerian factor: I noticed during my interactions with some Nigerians that the policy is not understood by them. I support the naira redesign and its implementation but not the crises it has generated or attendant suffering on Nigerians. Is it the CBN that is selling the new notes back to Nigerians with exorbitant charges, or is it we Nigerians?.
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