What Emefiele should do instead of extending deadline
What Godwin Emefiele should do is not to release a statement to declare the extension for the swapping of the old naira notes.
Amidst uncertainties Nigerians received the news that the Central Bank of Nigeria has bowed to the so much pressure from all quarters. Bank customers have groaned in pains over the deadline which the apex bank initially put at 31 January.
Top Nigerians including Alhaji Atiku Abubakar, the PDP presidential candidate and Bola Tinubu of the All Progressives Congress have reacted to the deadline. It’s possible their reactions forced Godwin Emefiele to retract and extend the deadline by some days to 10 February.
That wouldn’t be enough. And what Emefiele should do instead of extension is to allow the old 200, 500 and 1,000 fizzle out themselves. Redesigning currency isn’t peculiar to Nigeria. And as Atiku rightly said, it’s a global or universal practice.
Nigerians have thronged to banks with their old notes. They form long queues at the banks overwhelming the staffers there. They are desperate to swap the old notes, unfortunately for the new ones that are extremely scarce.
The new date won’t be enough to clear the markets, homes, shops, schools, companies, parks of the old notes. In fact, Nigerians would need almost 5 more months to adjust to the new system.
During Goodluck Jonathan administration, the Central Bank of Nigeria redesigned 100 note. There was no qualm that time as the administration allowed Nigerians to adjust and accept the new note. Now there is no old 100 note.
This is what Emefiele should do instead of frustrating Nigerians who have had more than enough hard time coping with the bad economy.
One would pity the poor citizens who form a seemingly endless queue in the bank. They are under the scorching sun attempting to either swap or get the new notes. Emefiele should allow the old notes to naturally fizzle out. It’s a matter of time.
The old notes can’t stand the new ones if the latter is more than enough in circulation. Of course, Emefiele has some other objectives which he has not yet stated. And it’s unfair to the citizens.
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