Politics Of Naira Redesign -By Ibrahim Mustapha Pambegua

Gauging the mood of the Nation since the implementation of new naira redesigned policy conceived by CBN, one must have observed the anger, anguish and frustration in the faces of Nigerians. The harrowing experience Nigerians were forced to undergo in various banks, POS and other money agents to legitimately withdraw their hard earned monies which were in short of supply was pathetic and terrible. In the last two weeks, the naira scarcity which hit the country has created chaos of great propensity. Many families slept with empty stomach as they could not access cash to meet up with necessities while traders recorded low patronage due to cash crunch . It is quite unfortunate, CBN which announced the policy on 26th October, last year, could not properly implement it, to the admiration of Nigerians. Between 31st January and 10th February which the Apex bank set as the deadline for the collection of old notes, it was officially gathered, over 2trillions were mopped out and forced to banking vaults.

Regrettably, the CBN could only print partly 400billions which were grossly inadequate to meet up with demand of Nigerians. Whether it is truth or not that, money banks have sabotaged the efforts of CBN to flood the country with new mints as alleged, evidence has since emerged that Nigerian Minting and Printing Company(NMPC), which was contacted for the job, lack capacity to deliver its assignment as expected.

The central Bank Governor, Godwin Emefiele, during the council of state meeting admitted that, the contract for the supply of paper for the printing of new notes was given to a Germany firm. He stated, Nigeria has to wait, as other countries have also applied for the papers. From this statement, the governor is indirectly telling Nigerians, CBN is not fully prepared for the naira swap policy. Disturbed by the hues and cries, difficulties their indigenes face amidst surging cash scarcity, the governors of Kaduna, Kogi and Zamfara approached the supreme Court to prevail on federal government and CBN to allow the old and new naira to coexist as legal tender until CBN print and pump more currencies to the economy. The supreme Court set 15 February for the hearing which was later shifted to 22th. However, in what seems to be an out of the court settlement, president Muhammadu Buhari, during his national broadcast, rule out the possible or continue using of 500 and 1000 naira notes as demanded by Nigerians. Instead, he graciously approved 60 days for the use old 200 note which will cease to be legal tender at the end of June.

After president Buhari’s National broadcast, Governor Nasiru Elrufai, followed suit and addressed the good people of Kaduna state on Friday. Elrufai, symphatised and apologized with good people of Kaduna state over excruciating pains they are being subjected to due to. fuel and cash scarcity. He chided on some cabals who lost in his party’s primaries and blamed them as those behind the policy. Elrufai emphasised that the reason for the inhumane policy is to upset Nigerians against APC and lead to its defeat. He also accused the cabals for plot to truncate democracy and impose interim government. But Elrufai’s strong-worded address is just a warning to Villa’s cabals, rather than the good people of Kaduna state. My worry is how the lofty policy which is intended to check mate vote buying, corruption, inflation and insecurity will be politicised. With few days to election, the political battle or power struggle should not throw the country to unnecessary crises.

The main reason for naira redesigned policy is to render funds corruptly amassed or stashed worthless. It will also curb votes buying. Nonetheless, it should not be implemented to inflict more pains on suffering Nigerians. The central Bank of Nigeria(CBN), should take a cue from others countries with success story of currency resigned and assimilate it. By so doing, it will avoid the current eyesore hitches being experienced and manipulation of desperate politicians.

Ibrahim Mustapha Pambegua, Kaduna state. 08169056963.