Naira Redesign: CHRICED faults CBN’s cash swap policy

By Abubakar Yunusa Abuja

The Resource Centre for Human Rights and Civic Education (CHRICED), has frowned at the decision of the Central Bank of Nigeria (CBN) to cash swap policy, saying that the policy has inflicted on many millions of ordinary Nigerian.

Recalled President Muhammadu Buhari last week in Kastina said the Cash swap policy has assured Nigerians that the government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.

He reiterated that several initiatives by the Central Bank of Nigeria (CBN) and all commercial banks are underway to speed up the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.

Speaking at a press conference on the state of the nation Thursday at the top rank rotel galaxy, the Executive Director, Comrade Ibrahim M. Zikirullahi said the fact remains that CBN’s cash swap policy continues to impoverish many more Nigerians.

He noted that when the benefits and drawbacks of the currency redesign and swap policy are considered, there is no doubt that it is a colossal failure and an unmitigated disaster, Criminals, and money launderers.

Zikirullahi opined that vote buyers have taken advantage of the CBN system’s porous nature to conceal their wealth., while ordinary citizens who require only little amounts of cash for daily survival have no access to the currency.

“We are in a situation where Naira is now used to buy Naira In addition, the CBN’s unpopular policy of redesigning Naira notes is already driving honest and hardworking farmers, traders, and artisans in rural areas whose funds are all in cash into bankruptcy.

The Human Rights group strongly condemned the suffering and agony inflicted on millions of ordinary Nigerians in recent weeks. These travails are the outcomes of the CBN’s sloppy implementation of the currency redesign and swap policy (CBN).

According to him, CHRICED in a previous intervention warned that if the apex bank does not handle this policy carefully, it will cause unnecessary hardship, particularly in rural areas.

Zikirullahi said, “CHRICED prediction has proven to be correct. Not only was the level of citizen sensitization for such a significant policy low, but the apex bank also failed to form any effective collaboration with institutions such as the National Orientation Agency (NDA) to get the important message about the currency redesign and swap across to citizens, especially those in rural areas.

“From the CBN currency debacle to the fuel and Permanent Voters Cards (PVC) collection queues, which have nearly become a permanent feature of everyday Nigerian life, the elements of corruption and the absence of the rule of law are clear for all to see.

“ CHRICED is of the view that the anti-corruption mantra, which enabled President Muhammadu Buhari and his co-travelers in the All Progressives Congress (APC) to win presidential power in 2015 and later in 2019, has now taken a back seat.

“Nigerians have seen massive corruption allegations ranging from all theft to alleged disappearance of stamp duty revenue made against key State functionaries being swept under the rug.

“ Allegations of corruption against leaders in positions of power within institutions that should be on the front lines of governance, are simply ignored and dismissed.

A case in point is the fact that for some time, CBN Governor Godwin Emefiele became a justice after going into hiding for nearly two weeks to avoid arrest on allegations of terrorism financing made against him by the Department of State Services (DSS),” he said.

CBN directs banks to pay new naira notes over the counter — N20k maximum

By Abubakar Yunus Abuja

The Central Bank of Nigeria (CBN) has directed commercial banks to start paying the redesigned naira notes to customers over the counter.

In a statement on Thursday, the CBN said the new directive was to alleviate the challenges that Nigerians are experiencing with getting access to the new notes, as well as reduce queues at the automated teller machines (ATMs) nationwide.

The latest development comes across as one of the several reversals made by CBN since it announced the naira redesign policy in October last year.

Following the unveiling and the commencement of the circulation of the redesigned naira notes on December 15, 2022, the apex bank ordered deposit money banks (DMBs) to stop issuing the new notes over the counter.

But the directive, coupled with many other restrictions that dots the policy, has unleashed hardship on Nigerians who are making frantic efforts to deposit their old notes (N200, N500, and N1,000) before the new February 10 deadline elapses.

Residents have also been seen crowding ATM terminals in the country in a bid to get the new notes.

In the statement, signed by Osita Nwanisobi, director, corporate communications, CBN, the apex bank said it was working to address challenges with access to the redesigned notes.

“We have equally noticed the queues at automated teller machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them,” CBN said.

“While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs. In line with this resolve, the Govenor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000.

“We also admonish members of the public to embrace and adopt other payment channels for their transactions.”