Wetin dey cause scarcity of Nigeria currency, di naira?

Foto of Nigeria new naira currency


Since Sunday 29th January wey di Central Bank of Nigeria Govnor, Godwin Emefiele announce di extension of di swap of di naira note by 10 days, Nigerians don witness rush rush for di redesigned currency wey neva circulate well.

E happun for time wen fuel scarcity dey bite.

Many pipo don begin ask weda di federal goment dey eva wonda di hardship wey di masses dey face to get cash for hand.

Di Central Bank of Nigeria for different times tok say dem don release enof moni wey fit go round yet naira notes both old and new still dey scarce for street.

Meanwhile president Muhammadu Buhari bin tok say di target of di new CBN policy on di redesigned naira notes no be di common pipo but na for pipo wey dey use money do mago-mago.

Some videos wey circulate on social media show say true-true new naira notes dey as some pipo dey carry bundles of di new moni spary for party. Some politicians dey also share di money for political gatherings.

Dat one make Godwin Emefiele bin come out to say im don do meeting wit anti corruption bodi to make sure say dem gbab pipo wey dey sell di new naira notes.

On Thursday di Independent Corrupt Practices Commission parade one actress wey dem arrest say she dey spray di new naira for party.

Di Economic and Financial Crimes Commission don also arrest some suspects for different parts of Nigeria wey dey sell di money.

Nigeria cashless policy

Di central bank of Nigeria first introduce di cashless policy for December 2011 and e bin kick off for Lagos for January 2012.

Central Bank of Nigeria govnor den, Sanusi Lamido Sanusi, for one letter for 2009 address di impact of global recession for Nigerian capital market both for short and long term.

Dat time, Nigerian economy dey heavily cash-oriented for transaction of goods and services wey dey contrary to global trends.

Goment aim den na;

  • To increase development and modernization of Nigerian payment systems for vision 2020 goal to become one of di top 20 economies for di world by di year 2020.
  • To grow di economy and reduce di cost of banking services.
  • Increase financial inclusion by providing more transaction options so more pipo fit get access
  • To reduce costs of plenti cash handling.
  • To reduce tif-tif and oda cash-related crimes.
  • How pipo dey loose cash during fire and flooding incidents, and many oda ogbonge reasons.

More dan 11 years afta CBN introduce dis policy, e neva show say Nigerians dey ready for any kind of wire trasactions.

‘POS operators no help mata’

POS owner Naziru say e neva still use im hand touch new naira notes

POS owner Naziru say e neva still use im hand touch new naira notes

One bank official wey we no go mention im name tell BBC Pidgin say part of wetin dey cause dis scarcity be say Nigeria still na cash spending kontri, dat na why pressure dey on new notes.

E say Nigerians prefer to hold dia cash for hand even wen e no dey necessary.

Di bank official say anoda tin wey dey cause dis scarcity of naira rush na how POS agents don turn di business to black market like dollar.

E say di high charges wey POS agents dey put ontop witdrawal don make pipo run back to di bank.

E add say banks sef neva get enof of di new 200, 500, 1000 naira to give dia customers.

“Demand pass supply. Di new N1000 still dey out pass N200, and N500 notes,” e tok.

“Only new 1000 naira notes dey plenti for circulation, e now dey available for commercial banks but CBN need to increase di amount wey dem dey give to banks daily, dem also need to make di supply constant.

“Dis na bicos no be every time commercial banks dey see new notes collect from di apex bank!, e tok.

‘Pay naira to buy naira’

For pesin to lay im hand on di new naira notes now don become luxury as pipo dey go extra length to fit get am.

Some POS agent dey charge like N100 ontop any N1000 wey pesin wan witdraw.

Dat na 10 percent of whatever amount wey customer wan witdraw.

One Monisola Agbaje wey dey stay for Ketu area of Lagos tok say her pikin dem no go school for one day sake of say she no see cash collect to buy wetin dem need.

She say “I try different ATMs but crowd dey and e no sure say di moni go reach my turn, and di fight even too much for me to witsatnd na im I comot dia.

“Even di POS wey I go, di operator wan charge me N1500 for N5000, why I go pay dat much”.

Banking halls and ATM points now don become wrestling field for many pipo.

Dis na sake of di frustrate wey dey pipo bodi.

For different videos wey dey online, pipo for ATM queues no dey find am easy to tolerate demsef again as any small tok fit cause serious fight even for inside banking hall.

CBN activities so far on top di new naira swap

Di Central Bank of Nigeria order all di commercial banks to begin dey pay Nigerians wit di new naira note ontop di counter as against di initial directive wey restrict am to ATM only.

Oga Emefiele for statement ”direct deposit money banks (DMBs) to commence di payment of di redesigned Naira notes over di counter, subject to a maximum daily payout limit of N20,000.”

Before di initial deadline, afta Nigerians complain say dem no fit swap dia old moni to new one, di CBN extend di deadline for 10 days wey go end on 10th February.

Di extension wey many pipo say no dey neccesary sake of say e come late and no show to don bring di solution wey dey needed.

Di apex bank bin first tok say dem no go extend di deadline 31st January 2023.

To achieve result, we bin do meeting wit commercial banks on how dem go fit collect old moni and how dem go give new notes to all Nigerians, Emefiele bin tok

  • We bin tell dem to load new notes to ATM
  • We bin do sensitisation for print and electronic mediums wey go reach everiboy
  • We bin engage 30,000 agents wey go operate everywhere including wia banks no reach so pipo for dia go fit swap dia old moni to new ones.
  • We deploy all our staff particularly pipo wey dey asst director deputy director, director grades for Abuja make dem go all CBN branches nation wide.
  • Dem join di mobilisation and monitoring programme dey work wit di deposit moni banks agents and branch controllers for di 36 states so dem go fit make sure compliance dey wit di programme.

Wit all di effort wey di CBN and commercial banks say dem dey put to make sure di new note dey well circulated, most Nigerians still neva touch di currencies.

Recently president Muhammadu Buhari wey approve di CBN policy say im go take decison on di new naira note.