The apex bank has sent an SMS to Nigerians to further affirm the CBN’s 31 January directive for the validity of the old naira notes. It seems someone somewhere is daring the bank’s powerful governor, Mr. Godwin Emefiele.
And as it often happens in the country, Emefiele, the governor, wants to flex his own muscle and prove some points to them. Who could be the one(s) daring the governor has become one of the sacred cows of the president, Muhammadu Buhari.
Could it be Nigerians? The poor masses hardly have a say over what happens to them. The instructions, orders, come from the above and they must adhere strictly to them. They couldn’t be the ones daring Emefiele.
They can’t decide on their own to disobey the order of the bank that all the 200, 500 and 1000 old notes be deposited into the banks. The apex bank has already designed, unveiled and released the new naira notes.
However, rather than having the new notes at the Automated Teller Machine (ATM), the machines dispense the old notes. Very few new naira notes are available out there. Even old notes are still being dispensed at the cashiers.
It’s not possible for Nigerians to flagrantly decide to be snubbing the new naira notes. They will surely spend what they withdraw from the banks. Then, who is daring Emefiele over the CBN’s 31 January directive? If it’s not the people, who could it be?
The commercial banks may be the next to consider. They are the closest to the people and they take deposits and allow customers to withdraw. Can they deliberately dare the apex bank that controls and regulates their activities and transactions?
The Central Bank of Nigeria takes and keeps money for the other banks. All old notes return to the CBN. Does it mean the commercial banks refuse to follow the directive of their head? That can’t be possible. With bullion vans, naira notes are conveyed to and from the bank.
The banks can’t be dispensing old notes without the consent or knowledge of the apex bank under Mr. Godwin Emefiele. Only very few notes are in circulation at this moment. Could it then mean that the Central Bank of Nigeria is daring its head?
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