A country called Nigeria; GOD’s Own Country.
The issues surrounding the new currency policy are a litmus test of our resolve as a country to either move forward or continue with retrogression. Let’s review the facts.
1. There is absolutely nothing wrong with the policy.
2. It’s within the government’s purview to do whatever would make the country better, and every good Nigerian subscribes to this fact.
3. However this must not be done to affect the livelihood of hardworking dedicated Nigerians that have genuine businesses, especially those with small-scale businesses.
4. The issue at hand is the fact that during the designated period that the new notes are to be issued, the New notes were unobtainable, as the commercial banks that did not receive the required quantity to satisfy customer demands. Instead, they continued issuing the same old notes, contrary to the established swap process.
The specified amounts of the new currency that were specified to be received by customers were not been given both inside the banks and at ATMs, thereby creating unnecessary panic within the system. Bank customers for several days to collect the specified daily N20,000 in new notes, instead, the banks were unable to disburse the promised amounts in the new notes.
5. The policy also aimed at strangulating the POS operators, but the intent backfired. The POS operators hurriedly capitalized on the scarcity of the new notes and started selling currency based on how they got the funds. The policymakers totally forgot the role of POS operators as the main source of small cash transactions in both rural and many urban centers across the country.
6. The banks have enough data on all account holders which can be used to determine people that were hoarding cash from illegitimate sources. These unpatriotic are the ones that should be penalized and not every innocent Nigerian like the policy is currently doing.
7. The sanctity of the Supreme Court must always be protected, irrespective of what anybody thinks. We have had a situation where judgments were made that looked unreasonable but never questioned. Nigerians are waiting to hear from the Government about the reasons why it has so far failed to honor this judgment, especially since most Nigerians (including their governors) have expressed their support for the position of the supreme court.
I would like to put it on record that unless drastic actions are taken very quickly this issue is likely going to have a very negative effect on the stability of the country.
When a ruling Government in 2023 disobeys the highest court in Nigeria it Confirms one thing disregard for the constitution of that country and the only people that act in this manner are Dictators in a democracy.
The Supreme Court order of February 2023 was very clear and not ambiguous; the Government is to Extend the use of Old Naira Notes and allow both new and Old to continue being legal tenders till the Final determination of the case.
However, the president in one of his ill-advised pronouncements Declared that only the N200 note will continue as legal tender until the end of April. This will make the Old N1,000 & N500 as illegal tender, which goes against the order of the Supreme Court. The policy now directs that N1,000 and N500 can only be redeemed at the CBN.
Are we as a Nation supposed to be celebrating the disregard for the highest court in the land? This in my opinion as a Nigerian, and a politician is a most dangerous trend that must be avoided by all well-meaning Nigerians that welcome our democracy.
I remain a Buhari & APC Supporter, but my loyalty is to my country and the constitution, and will never support Illegality. This kind of Illegality will not be accepted by True Democrats who mean well for Nigeria, and we must all condemn it in the strongest terms. I have Condemned the non-implementation of the quota of women in politics or government. I have condemned state governments that refused to Conduct Local Government Elections or have not passed the law in their state houses of assembly enabling Local Govt Autonomy
Those Celebrating Buhari’s Actions must be either unaware or ignorant of the implications of encouraging Anarchy. What exactly do they expect will be the outcome of the President’s unpopular pronouncement on the old Naira notes?
“When a Policy aligns with the majority of the opinion of the people, they will Celebrate it, however, if it does not, there is no way on earth that Nigerians will allow one individual to Justify Nonsense” Are we a Senseless People lacking in Principles, Creating Anarchy with our Eyes Open, but Blind and Deaf to the Sufferings of Millions. Nigerians are Watching closely.
When I visited five different banks across fifteen states during the implementation of this policy Old Naira notes were disbursed and immediately after the first deadline both the banks and traders refused to collect old notes as such the announcement of the president will have no effect as Old Naira Notes of all Denominations are still being Rejected by Ordinary Nigerians, by all commercial Banks, and by all Commercial Outlets.
How possible is it for Millions of Nigerians living in the Rural Areas, Hinterland & Riverine Areas, to take their old Naira notes that have now been pronounced not a legal tender to CBN? Does this make Sense?
As it stands, only the actors in this policy are in Support of the Continued Suffering being Wrought on Millions of Nigerians because the CBN Governor’s Badly Conceived, Badly Implemented, and apparently Politically Motivated Policy of Naira Redesign that is intended to create a Cashless Society, when the adequate infrastructure to support this has not been built or even provided.
Nigeria seems to be threading as a Lawless State of Lawless administrators.
My candid advice to well-meaning dedicated hardworking Nigerians is to continue to stay calm and weather the remaining days without losing their reason, anarchy is what they expect and we must not fall into their trap. Their goal might be to truncate the upcoming 2023 presidential election. I appeal to all good men and women who respect and appreciate our democracy to please appeal to their wards, families, friends, and neighbors to remain calm as the next few days would bring on incremental sufferings and untold aggravations. Nigerians must remain wise in the face of this deliberate retaliatory creation of those who have evil plans to determine for all of us, what they have organized as a vendetta and revenge against a very small minority of Nigerians.
We must continue to endure for the next 9 days, until the elections, so that proper justice can be done by all Nigerians through the use of their voters’ cards. Remember, Only 9 days Remain!
