By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
SpeedUp9ja
Notification Show More
Latest News
DJ R2 - Naija Old school [Throwback Mixtape]
DJ R2 – Naija Old school [Throwback Mixtape]
Music
Israeli forces kill Palestinian teen in West Bank clash
Israeli forces kill Palestinian teen in West Bank clash
World
Nigerian Army General Falls, Dies While performing Physical Training Test
Nigerian Army General Falls, Dies While performing Physical Training Test
News
FIRS reveals plan to prevent tax evasion by firms
FIRS reveals plan to prevent tax evasion by firms
Bussiness
China President Xi Jinping attends BRICS summit in South Africa
China President Xi Jinping attends BRICS summit in South Africa
Africa
  • Home
  • News
  • Nigeria
  • Politics
  • Music
  • Health
  • Contact Us
  • World
  • Entertainment
  • Sports
  • Finance
  • Africa
  • Technology
  • Bussiness
  • Lifestyle
Reading: CBN Deadline And New Notes Circulation Crises
Share
SpeedUp9ja
  • Nigeria
  • News
  • Politics
  • Entertainment
  • Contact Us
  • Music
Search
  • Categories
    • Entertainment
    • Music
    • South Africa
    • Hip-Hop
    • Video
    • Sports
    • News
    • Nigeria
    • Crime
    • Politics
    • Finance
    • Africa
    • World
    • Bussiness
    • Health
    • Insider
    • Technology
    • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise with us
  • Contact us
  • Privacy Policy
Copyright © 2022 SpeedUp9ja Media Ltd.
News >Nigeria >CBN Deadline And New Notes Circulation Crises

CBN Deadline And New Notes Circulation Crises

The governor of Central Bank, Godwin Emefiele, shortly after the Monetary Policy Committee meeting on Tuesday stated that the 31 January deadline for the collection of old naira notes remains sacrosanct

Last updated: January 28, 2023 at 12:06 AM
By SU9 staff 10 months ago Nigeria
Share
CBN Deadline And New Notes Circulation Crises
CBN Deadline And New Notes Circulation Crises
SHARE

The governor of Central Bank, Godwin Emefiele, shortly after the Monetary Policy Committee meeting on Tuesday stated that the 31 January deadline for the collection of old naira notes remains sacrosanct.

Emefiele’s statement came after the National Assembly deliberated on the need for the apex bank to extend the collection of the old naira notes to June in view of the rush with which the policy is being implemented and how the rural and unbanked communities would suffer the consequences.

It could be recalled that last year, the CBN announced its decision to redesign the N200, N500 and N1000 notes in its quest to move the country to a cashless economy.

RELATED STORIES

Wike, Adelabu, Umahi, others take oath of office as ministers  
Wike, Adelabu, Umahi, others take oath of office as ministers  
President Tinubu with some labour leaders after a meeting at Aso Villa on Wednesday, August 2.
FG withdraws contempt suit against NLC
Subsidy removal: Tinubu ‘ready to double minimum wage’

Though the policy has continued to generate mixed reactions from Nigerians, it has the blessing of Mr President. There is no gainsaying the fact that the policy is a big blow to money launderers, kidnappers and vote/voters’ buyers.  However, it has come at the wrong time. Majority of Nigerians do not have bank accounts and 80 percent of transactions in the country are cash backed.

Besides, lack of good network systems coupled with erratic power supply have made electronic banking services across the country, especially in rural areas, more difficult and unreliable to Nigerians.

The CBN’s January deadline is like putting a cart before the horse. While the grace period granted to Nigerians to deposit their old notes was 90 days; there was inadequate enlightenment and sensitization campaign not only by the CBN but also by other government agencies such as the National Orientation Agency to enable Nigerians to be abreast of the policy.

The blame games between the CBN and Deposit Money Banks (MDBs) has compounded or worsened the scarcity of the new notes. CBN insisted that it has released adequate newly printed notes to banks to upload in their respective automobile teller machines (ATM), while banks continued to disperse old naira notes to the surprise of desperate Nigerians. Nigerians have been eager to obtain the new notes but there are nowhere to be found.

Most of the ATMs don’t have the new notes to dispense to desperate Nigerians who are all out to get the notes for their transactions.

The development is already taking a negative tolls on business activities across the country as people are now rejecting the old notes in the face of non availability of the new notes. This is quite unfortunate!

Yes, the CBN’s swap policy in which mobile money agents are allowed to swap new money to the tune of N10,000 directly to rural Nigerians is good and may hasten quick circulation of new notes but the few days remaining are not enough to penetrate remote communities and other riverine areas.

Why has the apex bank waited until now before coming up with the cash swap policy? They ought to have done this a long time ago.

Besides, the CBN has also waited until the last minutes before they hurriedly embarked on sensitization campaigns to markets and other informal sectors of the economy.

The decisions by the merchants or marketers to stop collecting old notes before the deadline amidst scarcity of the new ones will fuel naira circulation crises. The POS operators who are supposed to ease transaction difficulties have been making brisk businesses. They have increased charges ranging from N500 to N1000 per N10,000 deposit.

With the deadline fast approaching and many Nigerians yet to deposit or access the new redesigned naira, CBN should as a matter of urgency extend the period as being demanded by Nigerians.

Ibrahim Mustapha Pambegua wrote from Kaduna State

You Might Also Like

Wike, Adelabu, Umahi, others take oath of office as ministers  

FG withdraws contempt suit against NLC

Subsidy removal: Tinubu ‘ready to double minimum wage’

COVID-19: FG receives $9.2m grant from Canadian govt 

Tinubu back to Nigeria after AU Summit in Nairobi

TAGGED: cbn, Godwin Emefiele

Sign Up For Daily Updates

Stay Updated! Get the latest breaking News & New Music delivered straight to your inbox for free.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
SU9 staff January 28, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp Reddit Email Copy Link
Previous Article Crowd welcome G-5 governors in Enugu for PDP flag-off campaign Crowd welcome G-5 governors in Enugu for PDP flag-off campaign
Next Article Blxckie – Papa (Music)
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Most Recent

DJ R2 - Naija Old school [Throwback Mixtape]
DJ R2 – Naija Old school [Throwback Mixtape]
Music
Israeli forces kill Palestinian teen in West Bank clash
Israeli forces kill Palestinian teen in West Bank clash
World
Nigerian Army General Falls, Dies While performing Physical Training Test
Nigerian Army General Falls, Dies While performing Physical Training Test
News
FIRS reveals plan to prevent tax evasion by firms
FIRS reveals plan to prevent tax evasion by firms
Bussiness

More from SpeedUp9ja

Wike, Adelabu, Umahi, others take oath of office as ministers  

Wike, Adelabu, Umahi, others take oath of office as ministers  

3 months ago
President Tinubu with some labour leaders after a meeting at Aso Villa on Wednesday, August 2.

FG withdraws contempt suit against NLC

4 months ago

Subsidy removal: Tinubu ‘ready to double minimum wage’

4 months ago

COVID-19: FG receives $9.2m grant from Canadian govt 

5 months ago
Previous Next

Trending Today 🔥

SpeedUp9ja

We influence millions of Online news readers in both Nigeria and other parts of the world, SpeedUp9ja Provides Latest Nigeria News, Entertainment News, Health, Music streams, lifestyle and Sports.

Categories

  • My Bookmarks

Quick Links

  • Advertise with us
  • Contact us
  • Privacy Policy

RC-6905392 ©2023 SpeedUp9ja Media Limited.

speedup9ja logo speedup9ja logo
Welcome Back!

Sign in to your account

Lost your password?