Naira note deadline and Buhari latest reason for supporting CBN policy

Nigeria President 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 magomago.

E say di policy become necessary to prevent fake money, corruption and terrorist funding.

Di president tok dis one as e dey react to di reports of long queues as pipo dey wait for hours to deposit old notes and get new ones, wey don trigger public anger and opposition criticism.

“President Buhari tok say dem be aim di currency changes at pipo wey dey store illicit funds and no be di common man, plus e don become necessary to prevent counterfeits, corruption, and terrorist funding. Dis, e assure go stabilize and strengthen di economy.

“As e consider say di poorest section of society dey face hardship as dem dey often keep hard cash for house for various expenses, President Buhari give strong assurances say goment no go leave dem to dia own fate” e tok

Di Nigeria leader say di CBN and all commercial banks don start some initiatives wey go speed up di distribution of di new notes and dem go do everytin necessary to stop cash squeeze and chaos.

'No going back on 31 January deadline'

Di Central Bank of Nigeria say no going back on di 31 January 2023 deadline wey di apex bank give kontri pipo to return di old 200, 500 and 1000 naira new notes.

Di CBN govnor Godwin Emefiele wey give dis informate say despite reports wey dey ground say pipo no fit access di new notes plus say some no fit deposit di old notes, di apex bank say dem no go still extend di date as dem give pipo enough time to deposit di old notes.

“I no get good news for pipo wey say make we shift di deadline, my apologies. Di reason na say 100 days dey enough for anybody wey get di old currency to deposit am for banks and we take every measure to ensure say banks dey opened to receive di old notes, even on weekends, e tok.”

Oga Emefiele say dem no see reason to begin to tok about a shift because pipo no fit deposit dia money for banks.

Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023. pic.twitter.com/ngHiXeHfNk

— Central Bank of Nigeria (@cenbank) January 28, 2023

E tok dis one as calls for extension of di CBN deadline dey come from different quarters.

Plenty pipo including politicians don express concern on how di deadline wey di CBN give for dem to return di old naira notes don begin dey cause hardship for dem.

Most pipo complain say shortage of di new naira notes dey as most banks plus ATMs still dey dispense di old naira notes.

Some businesses also don stop to dey collect di old naira notes wey don make am difficult for pipo to carry out transactions.

Na for December 2022, di CBN introduce redesigned currency for 1000, 500 and 200 naira notes and ask all holders wey get di old currency to deposit dem for banks before January 31, 2023.

'We no fit gauratee Buhari safety'

Kano state govnor say di deadline wahala don make am postpone President Muhammadu Buhari planned to di state to commission projects.

For inside statement, Govnor Abdullahi Ganduje say pipo dey really suffer sake of di CBN policy.

"Banks no dey for most of our rural communities. How these pipo go get di new Naira notes na of great concern. Just look at wetin dey happun for our urban areas, pipo dey spend hours upon hours in banks. And assurance no dey say dem go get di new notes.

“Even for Point of Sales (POS), pesin no fit do transaction wit ease, and many of di operators don close shop sake of uncertainty.”

"Na all of us dis problem affect.” Gov. Ganduje tok.

He add say govnors for di kontri bin send delegates to President Buhari to complain to am about di hardship wey di new development dey cause but nothing change still.

"Governors from all di political parties bin put heads together and send delegates, but to no avail. Traditional rulers also do follow di same road but up to now, nothing don change for dat respect," e tok.

Politicians, Nigerians mount pressure on CBN

Di Presidential Candidate of di opposition Peoples Democratic Party, Atiku Abubakar beg di CBN for “slight extension” of di January 31 deadline on old currency.

For inside one video e post on im Twitter account, oga Atiku tok say many pipo especially doz wey dey rural areas no get access to banks and e go dey almost impossible for dem to exchange dia old banknotes for di new one in time.

“I dey aware of di challenges wey farmers and odas like artisans, wey dey for remote areas of di kontri dey go through to move cash from remote areas to commercial banks for conversion.

“On dis note, I dey obligated to align my position wit di upsurge of demands for a slight extension of di monetary conversion policy.

“Di January 31st deadline go surely cause heavy discomfort on our pipo and e go dey magnanimous on di part of goment and regulatory agency to relax di burden on di pipo in public interest,” e tok.

My position on the CBN January 31st deadline on the new Naria notes. -AA https://t.co/FP3me2VLjZ

— Atiku Abubakar (@atiku) January 28, 2023

Speaker of di Nigeria House of Representatives don assure Nigerians say dem no get anytin to worry about as di deadline for di use of di old Naira notes don reach.

Speaker, Femi Gbajabiamila, don assure dem say according to di law, dem go still fit go exchange dia money for bank afta di 31 January deadline.

Quoting section 20 of di CBN Act, di Speaker of di house say: “Section 20 of di CBN Act, and I wan make am abundantly clear. E say categorically say, even afta di 31st, all money, all old notes, although dem no be legal tender again in terms of commercial transactions, you fit take dem to di banks and exchange am for di actual amount.”

Gbajabiamila, emphasize say di House see di policy as beta policy but na how di CBN take dey implement am and how e dey affect Nigerians na im dey House dey worry about.

Some Nigerians don also complain say dem neva see di new naira notes, although di CBN govnor bin tok say di new notes don dey available across di kontri.

Naziru Medile na POS operator for Kano state Northwest Nigeria wey say im neva see di new naira notes.

E tell BBC News Pidgin say like most Nigerians na just foto of di new naira notes e see for social media but im neva use im hand touch am.

One banker wey tok to BBC Pidgin say di challenge dem get na say di new naira notes dey scarce but di ones dem dey get dem dey take load for dia ATMs.

"We no dey pay over-the-counter wit di  new naira notes, but we dey load am for ATMs."

Di tin be say e dey scarce so na as we get we go dispense na im make some ATMs still get di old notes.

I do not understand the CBN's obssession with limiting the flow of cash AT THE EXPENSE OF PUBLIC COMFORT.

You cannot solve one problem while simultaneously creating five others. Nobody earning an honest livelihood deserves to suffer for access to their money!

— 'Fisayo Soyombo (@fisayosoyombo) January 28, 2023

POS agents are charging 5-10% for withdrawal leading to Overcrowding at ATMs.. while some ATM are out of fund.

3 days to the deadline, the new currency is still nowhere to be found and there’s also scarcity of Old currency.

Afulo oku, afulo Elijah! pic.twitter.com/rmCr2kJ6kX

— Chudé (@chude__) January 28, 2023

January 28 and some ATM’s are still vomiting old notes. If this is what will make Nigeria to experience a credible #Elections2023 without VOTE buying we are all in for it. #CBNGOVERNOR @GodwinIEmefiele what so ever the CBN is cooking, let it be against vote buyers