• Wednesday, June 19, 2024
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The CBN’s incompetence: An exposé on the phasing out of old naira notes

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The Central Bank of Nigeria (CBN) has recently announced that old naira notes will no longer be accepted as legal tender after a certain date. This decision, while seemingly logical on the surface, reveals a deeper level of incompetence and disregard for the Nigerian people on the part of the CBN.

First and foremost, the time frame given for the transition from old to new naira notes is absurdly short. The CBN has given citizens just a few weeks to exchange their old notes for new ones. In a country as large and diverse as Nigeria, this simply is not enough time for everyone to make the necessary exchanges. Many Nigerians, particularly those in rural areas, may not even be aware of the new notes or the deadline for exchange.

But even more concerning is the fact that the new naira notes are not yet widely circulated. Despite the impending deadline for the exchange of old notes, many banks and businesses are still dispensing the old notes. This means that even those who are aware of the new notes and the deadline may not be able to exchange their old notes in time.

The CBN’s handling of this situation is nothing short of a disaster. It is clear that they have not thought through the logistics of the transition and have not taken into account the needs and concerns of the Nigerian people.

It’s not just the CBN who are at fault here, the banks are also not doing enough to circulate the new notes. It’s a shame that banks which are meant to be at the forefront of circulating the new notes are not doing enough to make the process smooth.

The CBN’s lack of foresight and planning is especially egregious when one considers the potential consequences of not exchanging old notes in time. Many Nigerians may find themselves without access to their own money and unable to conduct basic transactions. This could have a devastating impact on the economy and the livelihoods of millions of people.

Read also: Supermarkets reject old naira notes as deadline nears

In light of all this, it is clear that the CBN must take immediate action to rectify the situation. They must either extend the time frame for the exchange of old notes or print enough new naira notes to be widely circulated. Anything less would be a gross injustice to the Nigerian people.

The CBN’s actions are a reflection of the larger problem in Nigeria’s society, where the government and its agencies do not consider the plight of the common man. It’s a shame that the CBN is not taking this opportunity to improve the economy but rather adding to the already existing problems. The CBN needs to put in more effort to make sure the transition of new notes is smooth and the citizens do not have to bear the burden.

In conclusion, the CBN’s decision to phase out old naira notes and introduce new ones is a commendable move but the execution has been poor. The time frame given to citizens is too short and the new notes are not yet widely circulated. The CBN and the banks must take immediate action to rectify this situation and ensure that the transition is smooth and fair for all Nigerians.