The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has been top in the news since he announced the plan of the apex bank to redesign N200, N500, and N1000 denominations of the Nigeria currency and withdraw the old ones from circulation. The plan is novel for the economy and would draw out the N2.7 trillion outside the banking system which is currently held in people’s homes.
Emefiele also said the policy would increase financial inclusion in the country by reducing the number of the unbanked population. Further, he said it is also to support the security agencies in combating banditry, kidnapping and ransom-taking. Impact News interaction with some Nigerians who had first hand experienced revealed that security-wise, the policy is making impact. Bandits are reportedly handing out old notes to villagers to spend in order to beat the CBN deadline.
We understand that policies that disrupt normal way of life would encounter stiff opposition especially from those it is meant to benefit. The ongoing policy of the bank is one of such policies. However, Emefiele’s controversial dabble into politics with his reported show of interest to contest the All Progressives Congress (APC) presidential primaries, cast a thick cloud of doubt over this recent policy. Politicians are latching on the challenges of the policy to accuse the CBN governor of launching a revenge on politicians who scuttled his presidential ambition.
The presidential candidate of the APC, Bola Ahmed Tinubu, also pointed accusing fingers at unnamed persons who he said are bent on frustrating his ambition. CBN’s policy is biting hard on Nigerians and we, like other Nigerians fear it would do more damage to domestic economy in the interim that it would help strengthen the economy in the foreseeable future.
Nigerians have never been frustrated to this point, not even with perennial fuel crisis, sluggish economy and general insecurity that they are unfortunately familiar with. It is beyond anyone’s imagination that a day would come Nigerian would form endless lines by automated teller machines to withdraw cash that is not readily available.
This is the height of economic repression the CBN has foisted on Nigerians. We call on President Muhammadu Buhari to put a human face to the policy. Disregarding the order of the Supreme Court on the policy is not a good precedence for the country. This administration is notorious for flaunting court orders, obeying the Supreme Court on this matter is the right step to take.
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