Just as the Department of Security Services, DSS, Apprehends those selling the new naira notes
Following the extension of the deadline for the returning of the old notes for new ones by the apex bank, the Central Bank of Nigeria, many cash strapped Nigerians still besiege the banks with the hope of getting the new notes but are being issued the old notes at a price, if they must get any money.
The CBN Governor, Godwin Emefiele, had on Sunday in a statement announced a shift in the deadline for the turning in of the old notes in exchange for new ones. The Governor had moved the date from the initial Tuesday {tomorrow] ,the last day of January to February 10, an extension of about eleven days with an extra one week grace.
This move followed complaints by the people over the unavailability of the new notes and what they considered to be very short timing by the apex bank.
But, instead of ameliorating the plight of the people, the announcement had further worsened the situation for most people.
Mrs Nkechi Onyedikachi, a Point Of Sale, POS, operator told FP, that she has been at the bank since morning trying to get the new notes to no avail.
She has this to say: “I have been at the bank since 6:00 am trying to get the new notes. But the bankers are telling us that they have insufficient new notes.
“Even to obtain the old notes, since the date had been extended and my customers are demanding cash, I was told to pay four hundred naira for every N5,000 of the old notes that I want to collect,” she said, adding that the implication of that is that I have to pass the cost over to the customers.”
She said that in effect people are made to pay even more to obtain the old notes which by all indication was supposed to have been phased out.
Mr.Funso Bakare, a trader at Ogba wondered why the banks should still be giving out old notes when the time given was for people to turn in the old notes for the new.
He queried; “How then can the old notes be phased out?”
People are still being subjected or saddled with the old notes.
Emefiele had initially said the January deadline was sacrosanct. But after mounting pressures from politicians and Nigerians alike, he caved in and extended the date technically by seventeen days or so.
Even at that there are still calls from the National Assembly members that the new date is still not feasible and are demanding that the date be moved further by months; much like till after the election.
The House of Representative Ad hoc Committee on the New Naira Redesign and Naira Swap Policy had on Sunday described the new date as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.
Anger and confusion has spread all over the country, and people are poorer , hurting and unhappy. While some people find it hard to accept or spend the old notes, the new notes which are not in sufficient quantity are being hoarded by the banks and the few “privileged” ones lucky enough to have some new notes. The people’s woes have been worsened with all the uncertainties in the air and what seemed like tardy and apparent lack of co-ordination of the whole process.
FP’s investigations reveal that many desperate ones have resorted to manufacturing fake new N1,000 naira note by dipping the them into blue dye.
With all the discomfort and bewilderment of the introduction of the new naira notes, the big question is: “will this policy survive?” And if so, how does the Buhari government and the CBN governor hope to strengthen out these issues and get themselves and Nigerians out of this entanglement and what is turning out to be a national embarrassment.
When the bank announced in October that the 1,000 ($2.18, £1.75), 500 and 200 naira notes were to be replaced, it said 80% of the notes in circulation were outside banks.
The CBN believes that with the redesigned currency it will have a better understanding of the money circulating in the economy so it can better manage inflation.
The bank governor said the new deadline of 10 February would allow more people in rural areas, where there are very few bank branches, to exchange the old notes.
Meanwhile, the Department of State Services, DSS, has arrested some members of an organised syndicate selling the new Naira notes in parts of the country.
Although the DSS did not disclose the names and locations of the suspects, the agency said in a statement on Monday that some commercial bank officials were aiding and abetting the act.
The statement signed by the Public Relations Officer of the DSS, Dr Peter Afunanya, warned that the Service would go after those involved in the malfeasance.
The statement said, “The Department of State Services (DSS) hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the newly redesigned naira notes. In the course of its operations, in this regard in parts of the country, it was also established that some Commercial Bank officials are aiding the economic malfeasance.
“Consequently, the Service warns the currency racketeers to desist from this ignoble act. Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address emerging trends.
“It should be noted that the Service has ordered its Commands and Formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified. Therefore, anyone with useful information relating to this is encouraged to pass the same to the relevant authorities”.