Since he announced the Central Bank’s decision to redesign three denominations of Naira Notes and the intended deeper implementation of cashless policy on Wednesday, October 26, 2022, the CBN Governor, Godwin Emefiele has been in the eye of the storm.
Just as those knowledgeable in macro and micro economics have warned that the policy would raise a lot of dusts, controversies and protests, there has been widespread restiveness across Nigeria.
Different kinds of reactions have been witnessed at various banking halls and Automated Teller Machines (ATMs) all over Nigeria as bank customers experience acute shortage of the new Naira notes.
In Lagos, protesters hit the streets on Thursday, asking the banks, particularly the apex bank to make the new Naira notes available.
More than any policy of this administration in the last eight years, the recent policies of the CBN have attracted critical screening, skepticism and outright condemnation by the high, mighty and the poor. This is in spite of the apex bank’s assurance that the pain would ease off in few days.
Emefiele only shifted grounds on January 29,2023 when he announced the extension of the deadline for the validity of the old N200, N500 and N1000 notes from January 31st to February 10, 2023.
Even at that, the bank customers could not have access to the money in their accounts. And out of frustration they have resorted to alternative means of cash withdrawal following the naira nots scarcity.
Over-the-counter, customers are paid as low as N1000 in some generous bank branches, while most others banks only collect the old naira Notes and direct their customers to use their ATM card to withdraw at the machines which are always empty.
This ugly situation has instigated not a few protests in the banking halls, some customers in viral video were seen going nude to compel the bankers to pay them something substantial. It got to a climax on Thursday, when the Coalition of Civil Society Groups staged a peaceful protest at Marina Lagos.
It is in an attempt to douse the tension that is already building up over the difficulties being experienced by customers, that the CBN on Thursday, directed commercial banks to commence paying the newly redesigned naira notes to customers over the counter. It stated that the new mode of payment is subject to a maximum daily payout limit of N20,000.
