A political scientist named Jibrin Ibrahim has exposed the naira redesign policy for what it is - a complete farce. According to him, everyone in the CBN, banks, and federal govt knows that it won't work because the mint lacks the capacity to print sufficient notes. It is an opportunity for CBN insiders to make a lot of money while appearing to fight corruption. The financial industry is playing along to avoid CBN sanctions.

Currently, we are supposed to be in the process of changing our old naira to new naira notes, which involves another massive logistics challenge. Just six weeks were allocated for the change from 15 December to 31st January. To convince us that it is for real, President Buhari was displayed on television launching the new notes. When 15th December came and banks did not have the new naira notes to distribute, except for a few samples, the take-off date was pushed to 9th February. In conformity with the six-weeks allegedly needed for the swap, the end date should have been adjusted, but it was not; hence, what needed six weeks will now be done in three weeks.

Two days ago, the Central Bank warned banks to ensure they put enough new notes in their ATM machines for customers. Encouraged, I went to my bank, only to find out that they still do not have the new notes. I drew their attention to the warning of the Central Bank that they would be dealt with if they don’t give out the new notes, and the manager laughed. The Central Bank does not have the notes to give them, so the warning is just a public relations exercise, because the banks would all be afraid to expose the lies from the Central Bank for fear of repercussions, he explained.

I spoke to some people with inside information and was told essentially that the whole charade is some drama. By law, only the mint can now print our currency. However, the capacity of the mint is minuscule in relation to the volume of new notes required, as such everybody in the CBN, banks and government, know the plan will not work simply because of the capacity limitation we have. Nonetheless, we have to pretend it will work because there is a nice narrative to sell – that the currency swap will expose corrupt politicians who have stolen government money to give bribes during the coming elections, and the government is committed to its anti-corruption policy, as such it is a smart policy move to deal with corrupt politicians.

The real story is something else – some people will make a lot of money in the printing process. Central Bank staff will preside over the distribution of the scarce new notes and many will have to bribe them massively to get access to the new notes. Meanwhile, the crisis will soon become serious when markets start to breakdown as the countdown to the withdrawal comes closer. In the coming days, people will start rejecting the old notes, as the end date approaches, but there will be serious scarcity of the new ones. The pressure will mount on government and a two-month extension for the withdrawal of the old notes will be announced and repeated, again and again. Everybody knows that will be the eventual outcome, so we just love living in our narratives of delusion.

https://www.premiumtimesng.com/opinion/575500-policy-making-as-make-belief-by-jibrin-ibrahim.html

The new naira notes are very scarce, especially the five and two hundred naira notes.

I know this may be a way preventing politicians from vote buying but it will hurt nigerians as well

People are already throwing the old naira notes away

shatap biko...

Dem dey try curb election fraud, you dey talk praprapra... Very anyhow character

God1000:
The new naira notes are very scarce, especially the five and two hundred naira notes.

I know this may be a way preventing politicians from vote buying but it will hurt Nigerians most.

Yes it needs to be scarce..the voters are tired of 200naira and 500naira..Those werey too stingy.

Now they get to fling 1000naira in the air....

Could it be that Emefieli who has been printing money for Buhari like a printing machine is worried that there's way too much money in circulation and might be using this policy to reign in on that?

On Tinubu's mandate i stand gidigba

Political scientist is not a financial expert
He is just talking trash.

Keep the old notes in your house till after 31st

Seun your Tilumbu don tinye aka na barbu wire. 😁

Please, I don't understand all these. All I just know it that there's no way it's not going to affect vote buying

His opinion.

Let's wait & see how it goes

owobokiri:
Could it be that Emefieli who has been printing money for Buhari like a printing machine is worried that there's way too much money in circulation and might be using this policy to reign in on that?

He is still printing money for Buhari to spend. If he was worried about inflation he ought to have stopped. The money he prints for Buhari is electronic money, not physical money. Therefore withdrawing notes has nothing to do with inflation. It is only going to crush the poor.

owobokiri:
Could it be that Emefieli who has been printing money for Buhari like a printing machine is worried that there's way too much money in circulation and might be using this policy to reign in on that?

printing money is not printing hard currency in the real sense.
Printing money is different

How did an empty man like Godwin Emefiele rise to become the GMD of almighty Zenith Bank?

I guess it was through office politics that sacrificed competence on the altar of political sagacity

In all fairness though, this naira redesign policy remains the best thing he has done since he took over that office. The only challenge is poor implementation.

Seun:

He is still printing money for Buhari to spend. If he was worried about inflation he ought to have stopped. The money he prints for Buhari is electronic money, not physical money. Therefore withdrawing notes has nothing to do with inflation. It is only going to crush the poor.

Well, Buhari might not be the only one he prints money for. My hunch is that they have ran an extremely corrupt Central Bank these years. Again, Buharis brother in law is The chairman of the Security, Minting and Printing company. I wouldn't know of any good reasons why the president would want his close relative in this position.
Could be that lots of underhand practices are going on

Chaii.. Wetin concern bicycle with overload?

it has already begun. but they started on the worst foot.

the crisis will soon become serious when markets start to breakdown as the countdown to the withdrawal comes closer

cabal at work

😃😃

B

If what he says is true it means they are doing it to expoit and cheat us..

What one thought was to curb vote buying is now used to feather their own nest..

One thing l know for sure anything they do always favors the rich than poor..

At the end of day..the wishes and feelings of the electorate might not be taken into consideration. ..

It might if they were really factual about it

God1000:
The new naira notes are very scarce, especially the five and two hundred naira notes.

I know this may be a way preventing politicians from vote buying but it will hurt Nigerians most.

People are already throwing the old naira notes away

bear the brunt for just 1 month and get the right leader for another 4years. Don't be myopic.

You want to enjoy vaguely for 1 month and suffer well for another 4years. I don't know why Africans don't like to pay for good things to happen to them, they want everything on a platter of gold.
This is the reason why we refuse to improve anything, we can't pay the price for greatness.

Yinmu. You are away from reality. The security structures behind the old notes have been phased out and will fully take effect by 31 January. Any further extension may only be to swap them with new notes and not for use in transaction any more.
It is worthless for use after 31st so anyone banking on extension is being ignorant so do not mislead the less discerning members of the public.
check my signature for free stuffs!

Ok

Hmm

oyin44:
Why we nigerians like suffering ourselves like this ....?

So, they are doing all this to expoit and chest us.why? This is an extremely wicked system..

nope, they are doing it to conduct a credible election