Tackling Persistent Rejection Of N5, N10 And N50 Paper Notes

The polymer notes were introduced into the banking system and economy of Nigeria last

year for what it is believed to be its merit: durability, cheap to produce because materials

used to print them are sourced locally, light to carry and tough to tear among other

values. Their introduction has caused problems in some quarters as some are hell bent

on accepting them rather than the N5, N10 and N50 paper notes.

Last year, the Central Bank of Nigeria (CBN) informed the general public of the change

from the N5, N10 and N50 paper notes to the polymer notes. The apex bank then, gave

31 March, 2010 as the deadline to mop up the N5, N10 and N50 paper notes from the

economy. However, this was not to be as the users of the paper notes start rejecting

them before their terminal date, March 31 this year. The rejection of the paper notes

trigger off fight, braw or clash in many parts of Nigeria, especially among commercial

drivers and their passengers, petty traders and their customers, fueling station

attendants and consumers of petroleum products etc.

Fortunately enough, and in a bid to nip in the bud the rejection of the paper notes, the

Central Bank of Nigeria (CBN) came to the rescue of the users of the legal tender by

postponing sine die the terminal date of the paper notes and urged the general public to

continue to use them for transactions. The supreme bank also informed that anybody

that rejects the paper notes have committed a criminal offense.

Regrettably, since the latest announcement, some have stick to their guns by refusing to

accept the paper notes even as the CBN has postponed their expiration date ad-infinitum

and nobody has been brought to book so far for violating the directive. Something must

really be wrong in the media strategy adopted by the apex bank or does it mean that too

many people are unaware of the recent announcement and instruction from the bank not

to reject the paper notes? If, the latter is the case, then there may be some factors

responsible, either they are unaware of the latest instruction to use notes which may

have been caused as a result of lack of power supply to switch on their radio and

television to listen to news, or they are to busy pursuing economic activities so as to

make both ends meet.
This then means they are not adequately informed about the indefinite shift in the

terminal date of the notes, and the need to continue to accept them until they are

gradually out of use. Some may be waiting for a punitive action to be taken against those

who are rejecting paper notes before they can comply with the banker's bank order.

Some Nigerians are so stubborn that the language they understand is “force or

punishment”. My humble suggestion is that the violators of this order ought to be

arrested, detained and charged to court to serve as a deterrent to others who might

nurse the idea of rejecting the notes. The court proceedings of those arrested and

arraigned should be broadcast to Nigerians and also captured in newspapers, magazines

and web based media sites.
Since the aim of the ad-infinitum deferment in the terminal date of the paper notes has

been defeated as people continue to reject them I suggest for following steps to taken if

feasible.
A new media approach should be adopted in conjunction with the mass media. It is

important to not that majority of rural dwellers are not literate compared to their urban

counter parts. Most people who live in the rural areas do not have access to light,

television, radio or newspapers and magazines to enable them know what the policies or

programmes of the government are. In this case, the traditional means of communication

through the town crier should be adopted to inform the populace of the postponement.

Youth leaders in rural and urban areas, opinion leaders, leaders of market women,

pastors and reverend fathers, sheiks, imams leaders of Nigeria Teachers Association

etc should be encouraged by the appropriate authority to reach out to their members,

brethren etc, on the need to continue to accept the paper notes. Such announcement

could be made in church, mosque among other places.

Finally, and if possible I will advice the apex bank to mandate some staff of the 25 banks

to position themselves in strategic places such as the market, bus stops, motor parks,

federal and state secretariats etc with the new polymer notes in exchange of the paper

notes. As the bank staff execute this job, adequate security should be provided. If the

above sincere suggestions could be followed to the last letter, the cases of persistent

rejection of the paper notes which did cause free for all in some parts of Nigeria will be

nipped in the bud.

Nwaorgu faustinus Chilee writes in from Igboetche, Port Harcourt, Rivers State