By Bamidele Ogunwusi


Twenty-three working days to the deadline for Nigerians to return old N200, N500 and N1,000 notes to the banks for new ones, there are indications that top executives of banks are frustrating the distribution.

Investigation by Daily Independent revealed that instead of giving their customers the new banknotes, the new notes are only seen in parties and in the hands of politicians.

As a result of this, Nigerians have cried out that the banks are not releasing the new notes to them as they asked the Central Bank of Nigeria (CBN) to curb this ugly development.

The CBN governor, Godwin Eme­fiele, said on December 8, 2022, when he visited President Muhammadu Buhari in Daura, Katsina State, that banks in the country have taken delivery of the redesigned new notes for onward distribution to Nigerians.

Remarking that the CBN was prepared for the transition from the old notes to the new notes within the stipulated period, Emefiele said, “I said De­cember 15 when we announced it. We said that will be when we issue the cash but we have to move it forward as the president unveiled it on November 26 and yesterday (December 7, 2022) the banks have received the new cash and will start dispensing them.

“I can assure everyone that it will go round but let us be calm and be patient. Luckily, the old currency continues to be legal tender until January 31 2023. Both the “painted and unpainted” will be legal tender and by January 31, unpainted ones will not be useful to you”.

The new twist is that the banks are not ready to give it out to Nigerians but to their friends and cronies, especially politicians.

It was gathered that some bank MDs are using their in­fluence to help politicians who hitherto stashed huge sums of money at home for a huge cost.


A concerned Nigerian, Mrs. Idayat Omowale, said her husband who works with at politician in Lagos came home last week with new notes and told her that “a top banker” brought it to his boss.

Stakeholders, who spoke to Daily Independent, said the CBN needed to monitor the banks to ascertain the level of the distribution.

“I think the CBN should not allow the banks through their MDs and executives take advantage of the new notes distribution. They should take action to be able to achieve the desired goal of ensuring that currency in circulation are returned to the banks”, said Dr. Joseph Aniagolu, a retired university lecturer.

To Comrade Moses Omi­yale, a human rights activist, “The new notes are also being hoarded by politicians with the connivance of top bankers”.

Currency in circulation seems not to have reduced significantly after almost two weeks of the commencement of the distribution.

Aisha Ahmad, Deputy Gov­ernor, Financial System Stability of the CBN, while briefing the House of Representatives recently said the bank is doing all in its capacity to ensure that the goal of the redesigned new notes is not defeated.

In her presentation, she said currency management was a key function of the apex bank as enshrined in section 2(b) of the CBN Act, 2007, noting that the integrity of the currency and efficient supply of banknotes were indicators of a performing central bank, especially in predominantly cash-based economies such as Nigeria.

Highlighting the various challenges facing currency management, which had affected the ability of the CBN to efficiently carry out its mandate of issuing legal tenders, Ahmad said the challenges have continued to grow in scale, with the attendant consequences on the bank’s policy effectiveness, if left unaddressed.

According to her, these challenges include wholesale hoarding of naira banknotes by members of the public.

“An observation supported by statistics shows that cash outside banks consists of over 80 percent of the currency in circulation, worsening shortage of fit banknotes in circulation. This portends negative public perception of the bank and increasing threat to financial system stability.

“High and increasing cost borne by the bank: A review of the cost of currency man­agement from 2017 to 2021 indicated an average increase of over N10 billion per annum and over 90 percent of currency management costs are attributed to banknote production.

“This affects the CBN and other participants in Nigeria’s currency management sector (banknote production, storage processing, distribution activities and banknote destruction),” she said.

https://independent.ng/bank-execs-fingered-sabotaging-new-naira-notes-distribution/

Nlfpmod

Any policy Nigerian politicians cannot manipulate does not exist.

When I told ppl that the new notes will still end up in the hands of the same ppl hoarding billions before now. The bank execs will simply bring the new notes to the same ppl in their houses. Let's all stop fooling ourselves. Every law and bill is for the masses who don't know ppl in power

Hmmm, I've not seen the new currency note face to face, yet have withdraw money from ATM countless times this November and December

Nigerians are Nigeria's problem!

This is what you get when you choose to implement a long term policy with a short timeline.

Let's enjoy the reward.

Sincerely the must be something really wrong with our current CBN Governor and the government in general

ATMs are still dispensing old notes and as I am here, I am yet to lay my eyes on any new note. We are not a serious country

Thank God it's note their hoarding not air or. Life.
I'm happy christ is free and living by him is free too. It might have been worse.

Let them keep hoarding

E no go better for tinubu

We only seeing people commiting offences here and there and no correspondence punishment meted out for offenders.


.....not until we start do the needful, we will continue dancing backward.

I have never seen the new currency with my eyes

If you like change the intestines of Ng money you can't beat Ng, infact you just give room to MN laundry's.

Emefele Always blaming someone.

Pennywise2:
Thank God it's note their hoarding not air or. Life.
I'm happy christ is free and living by him is free too. It might have been worse.

Let them keep hoarding

something that tinubu is already using to issue bribe

Nigeria is gone! Nothing can save this country! My fellow countrymen are thieves! To those shouting Peter obi, when he loses you will hear a lot within that LP party so many infighting so many suing and counter suing, ther affairs will be public soon.

…when will told them to is policy will not work as its dead on arrival they called us names.

All this pointing of fingers is only a justification. The policy is the worst and biggest of all failed policy of the cbn in the history of Nigeria .

There are sometimes that will never work here. Not every policy should be copied from other countries. The same thing with coins.

The cbn need to understand cultural differences. We are Africans with different environments and mindset. Even the electronic transaction has it own failure and bigger problem. My transaction of two different bank is running into 3 weeks now gtbank and wema bank. The money has nor be resolved or returned. So many Nigerians do not believe in cashless economy. The infrastructure is not just there yet.

.

Gullible people said this is to target tinubu na them still Dey cry after then see am for his hands law is made to target people who are not in the crew like obi where obi go change his embezzled funds now when he was a governor

I knew it

But what's really going on?

Is it that our leaders are purposely making things hard for Nigerians?

No sight of the new naira note till now

The CBN governor should be investigated, he should be held responsible

I have seen just the new 1000 and 500 naira notes. The 200 is the scarce one. I admit the notes are not circulating. I believe the scarcity is a ploy by the CBN to limit naira use but basic needs must be met with cash. We can’t transfer to pay Agbero from POINT A TO B

What do you expect?

If electricity materials are tampered with, who will you suspect?.. fishermen?

Mugu fall, guy man wak. The more you look d less u see. CBN don scam some people

sweetonugbu:
Any policy Nigerian politicians cannot manipulate does not exist.

Very true

Hahaha corruption in government is literally embedded in every strata of government organisations due to the corrupt politicians or politically exposed MDs thier bosses, until we vote in compassionate leaders that will contented with thier pay and allowances and use all the resources within our great country to develop it...not those arrogant elites that will tell us shutup after looting public funds

This policy will implode like Nigeria on a crash course.

Some idiots will still blame Tinubu.

backtovillage:
Some idiots will still blame Tinubu.

well......he normally needs a lot of cash during election periods so like one bullion van with new notes go don reach him house.

As expected... Bank execs are the problem