ABEOKUTA – Following widespread confusion and frustration over inability to access the new naira notes recently injected into the economy by the Central Bank of Nigeria amid the impending deadline for the phase out of the old notes, President Muhammadu Buhari yesterday said government would ensure that citizens are unharmed in their businesses and no disruption is caused to the supply chain arising from the swap.
The apex bank fixed January 31 as terminal date for the old notes, but feelers from across the country in the past few days indicated that many Nigerians have yet to access the new notes, thereby heightening tension among citizens.
Many have expressed disappointment over their inability to get the new currency from banks, ATMs or POS locations, even as the old notes are already being rejected by certain classes of people including restaurant operators, transporters, and hoteliers, among others.
This has led to long queues of people waiting for many hours for their turn to deposit the old notes and get new ones in the few banks or ATM points that have them in several major towns in the country, triggering public anger and criticism, as well as calls for extension of the deadline from many sections in the country.
But reacting to reports of the current development, President Muhammadu Buhari yesterday reiterated that the currency change was not aimed at people at the lower echelon of society, but at those hoarding illicit funds and that it had become necessary to prevent counterfeits, corruption, and terrorists funding.
This, according to a statement by presidential spokesman, Garba Shehu, the president assured, would stabilize and strengthen the national economy.
While noting that the poorest section of society was facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government would not leave them to their own fate.
He said measures by the Central Bank and all commercial banks were underway to speed up distribution of the new notes and do all necessary to forestall cash squeeze and chaos.
The apex bank has remained unequivocal about its decision that only the redesigned currency would be legal tender after January 31. But there are growing calls for extension or moderation of the deadline by many Nigerians, including the Arewa Consultative Forum, former vice president and PDP presidential candidate Atiku Abubakar and the Nigerian Bar Association among others.
The Arewa Consultative Forum (ACF) in a statement issued by its secretary general, Aliyu Murtala, urged the CBN to consider an extension of the deadline.
The forum said; “As the deadline for the exchange expires this Tuesday, we are afraid that majority of our people in the rural areas are unable to change their old currencies for new ones, this is because even in the urban centers, the new notes are scarce.
“Also, where the CBN made some arrangements to facilitate such, the exercise is being challenged by numerous factors such as lack of adequate access to bank services on the part of the people, cumbersome exchange procedure, etc.
“This has subjected innocent people to hardships, uncertainty and anxiety. We are of the strong belief that ordinary people especially in the North will lose their hard-earned money through no fault of theirs.
“Government must be sensitive to the plight of the citizens to safeguard their interests in all areas. Insinuations by some political actors that the exercise is designed deliberately to fail, or cause chaos to sabotage the ongoing democratic process should not be allowed to be proven.
“Persons who lose their wealth through uncoordinated government policy or actions are likely to assume they have been let down by the said government.”
