· Citizens task CBN on availability of new notes
· Ganduje lifts visit embargo on Buhari
· We will monitor banks’ vaults – Emefiele
By Emmanuel OGBECHE & Sarah NEGEDU
With less than two days to the deadline for the phasing out of old naira notes of N1, 000, N500 and N200, there was cheer across the country as President Muhammadu Buhari, Sunday, approved a 10-day extension of the deadline fixed by the Central Bank of Nigeria for January 31.
Across the country, citizens were in panic occasioned by the limited or mostly, non-availability of the new notes.
Many citizens, including residents of the Federal Capital Territory, Abuja, have been trooping to banks and PoS points in last minute rush to exchange their old naira notes for the new notes without nothing to show for it.
Despite calls from various quarters pleading for an extension of the deadline, the Governor of the apex bank, Mr. Godwin Emefiele, refused to shift grounds, saying the January 31 deadline for the validity of the old 200, 500 and 1,000 naira notes remains unchanged.
The CBN on its verified Twitter handle on Saturday, January 28, reposted a video of the CBN Governor, Godwin Emefiele, from the last Monetary Policy Committee meeting, saying, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.
“The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”
Stakeholders urge extension
Various stakeholders had called for an extension of the deadline announced by the CBN without any shifting of ground.
Governor Umar Ganduje of Kano State in a veiled protest over the monetary policy had asked President Muhammadu Buhari to shelve his proposed visit to the state slated for Monday, January 30 over the cash swap policy.
Ganduje had on Saturday advised President Buhari against going ahead with his scheduled Monday visit to Kano State to avoid any unforeseen circumstance, following concern about the hardship principally induced by the ongoing cash swap from the old to redesigned naira notes in a press statement issued by Abba Anwar, his chief press secretary.
The pan-northern socio-political organisation, Arewa Consultative Forum on Saturday, called on the CBN to extend the deadline, noting that doing so would save Nigerians, especially the rural dwellers the agony of losing their hard-earned money.
The ACF through its Secretary General, Murtala Aliyu, in a statement released to journalists in Kaduna on Saturday, noted that government must be sensitive towards the plights of ordinary Nigerians and consider extending the January 31 deadline within which the old naira notes would cease as legal tender in the country.
Also, The Nigerian Bar Association, NBA, while seeking for an extension, said that the law allows Nigerians to redeem their old naira notes at the Central Bank of Nigeria even after the January 31 deadline set by the apex bank for such activity.
The NBA, in a letter signed by its President, Yakubu Maikyau, and addressed to the CBN Governor, Godwin Emefiele, called for an urgent review of the policy.
The NBA stated that, “the necessary logistical, infrastructural and manpower support required for the successful implementation of the policy are in short supply and should be greatly improved upon if they are to be leveraged for full implementation of the policy with minimal loss or economic hardship.”
CBN makes u-turn
With the CBN acting deaf to calls from various quarters, it was a shocking surprise on Sunday when the CBN Governor on Sunday, in Daura, Katsina State, told journalists that the president had approved a 10-day extension, making the new deadline February 10, 2023.
Emefiele, who was in Daura, had a closed door meeting with President Buhari, where he obtained the approval.
He said Nigerians, who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.
Citizens react
The reaction to the extension was spontaneous as citizens heaved a sigh of relief but with a call on the apex bank to ensure availability of the new notes.
“I welcome the extension and can now breathe easy,” an elated Emeka Nwogu said. He, however, noted that the extension will be meaningless if banks and PoS operators do not have the new notes.
Also, Hajia Fatima Isa while appreciating the gesture, expressed the hope that “it is not just to extend it, but make it available for us to see and use. The last few days have been really difficult going from one bank ATM to another without anything to show for it.”
