As December 31st Beckons, Cardoso Should Preempt Affliction From Rising For The Second Time

There is no denying the fact that among the crises that have so far shaped Nigeria’s economy since the last quarter of 2022 that the one not a few Nigerians will not forget in a hurry is that of the new Naira policy introduced by the Central Bank of Nigeria (CBN), which indubitably caused incalculable melancholy for Nigerians, impedingbusinesses, financial transactions and other daily undertakings.

Against the foregoing backdrop, it will be recalled in this context that the CBN in October 2022 announced a new Naira policy that will see the N200, N500, and N1000 notes redesigned and replaced with new ones. Thus, theold Naira notes were expected to cease to be legal tender on January 31, 2023. Unfortunately, days before theexpiration of the deadline, the now suspended Governor of the CBN, Godwin Emefiele, announced a 10-day extension until February 10, 2023.

In fact, prior to the deadline when the old Naira notes would cease to be legal tender, Nigerians began to find it hard to access cash, either new or old Naira notes. The social upheavals that characterized the period during which the policy was being implemented led to the extension of the legality of the old currencies, and compelled the then President, Muhammadu Buhari to step in to calm frayed nerves as he assured aggrieved Nigerians that the bottlenecks that were inherent in the implementation of the policy would be resolved, and promised that enough cash would be in circulation within seven days.

Also, it will be recalled in this context that some State governments, such as Kogi, Kaduna, and Zamfara prayed the Supreme Court to rule against the CBN’s Naira redesign policy, even as a seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the CBN, and their agents and commercial banks from implementing the February 10 terminal dates for the now old N200, N500, and N1000 naira notes to stop being legal tender.

Without doubt, the disruption which the policy left on the economy, which no doubt affected many Nigerians as not a few of them, particularly traders and consumers,lamented the impact of the policy on their businesses, and commercial activities generally.

Prominent among the complaints laid by affected Nigerians at the time was that their businesses were getting dry, even as those on monthly salaries found themselves unable to feed and pay transport fare to their places of work. The traders, particularly those in petty trading, lamented that they were not making sales, because their customers do not have cash to pay.

Traders that were worst hit at the time the challenge reached its zenith were those who were into the sales of perishable food items as not a few of them resorted tothrowing their spoilt goods to refuse dumps.

Without any iota of exaggeration, most of them disclosed that the lost a lot of money as some had their businesses shut down.

Another challenge faced at the time of the implementation of the new naira policy was that of failed bank transactionsthat characterized virtually all the networks subscribed to by commercial banks and their branches across the country.

Though, the challenge of failed bank transactions were not new to many Nigerians during the crisis been madereference to in this context as a lot of people were not new to such experiences but at the time it was unprecedented as the situation where either in form of transfers to other accounts or payment of bills and buying airtime.

In fact, failed bank transactions were experienced in different ways, which was experienced in card transactions, online or internet banking, or the use of USSD codes, but the challenge, as confessed by not a few Nigerians was exacerbated by cash drought across the country, occasioned by the redesigned naira policy of the CBN which no doubt worsened the situation.

Opinionating from the perspective of the prayer point been raised at every Christian gathering that affliction shall not rise for the second time as declared in Nahum chapter 1 verse 9 that says, “What do ye imagine against the Lord? He will make an utter end: affliction shall not rise up the second time”, it is expedient for the newly appointed governor of the CBN to ensure that never again will Nigeria pass through the harrowing situations they passed during the cash crunch that occurred earlier in the year.

In fact, analyzed from the backdrop of the trials and sufferings that trailed the implementation of the new naira policy, it is expedient to urge the newly appointed CBN governor to ensure that the new naira notes are put in circulations. Not only for him to put them in circulation, should he ensure that are they ubiquitous in circulation, and in this same vein ensure that the old Naira notes go out of circulation.

The reason for the foregoing advocacy cannot be farfetched as the new Naira notes are visibly short in supply across the country, and there is no doubt that Nigerians are already witnessing the month of November, with roughly 8 weeks left for the deadline to expire. In fact, given the speed at which the “Ember months” literarily fly, it will not be wrong to say that December is already at hand, and it is not an exaggeration to say that Nigerians cannot afford to experience the sufferings they passedthrough between December last year and February this year due to cash crunch.

If I may ask, in the absence of the new Naira notes, how many Nigerians would like to pass through the horrendous situation of queuing for days at bank branches just to withdraw money? It can be recalled at this juncture that not a few Nigerians who at the time faced cash shortages were unable to buy foods or medicines, despite having money in the bank, and which compelled protesters to vent their anger by burning down some banks.

Analyzed from the backdrop of the travails which virtually every Nigerians passed through during the period when the new Naira policy was implemented, it is expected that the newly appointed CBN governor should hit the ground running to ensure that the new Naira notes become ubiquitous in circulation so that affliction would not rise the second time as those in the Christendom would pray, particularly as December 31 is already at hand.