The deadline for the consummation of the old naira notes is fast approaching and the Central Bank Of Nigeria has no other choice than to disperse its officials to create awareness among the population.
According to the report, this action taken by the CBN is regarded as something done contrary to the natural or normally effective sequence of events.
The awareness team was led by Dr. Abubakar Kure, a CBN director/managing director of NIRSAL Microfinance Bank yesterday.
He led the Federal Capital Territory (FCT) team to the palace of the Ona of Abaji and Chairman, of the FCT Council of Traditional Rulers, Alh. Adamu Yunusa for the campaign.
This move was basically to inform the traditional ruler about the intensity of CBN’s effort’’ to ensure that people take their cash to the bank so that they don’t lose it’’ through campaigns.
Dr. Kure also added that the decision to redesign the three highest Naira denominations was in the interest of the Nigerian economy.
The method adopted by the CBN which was shown by the team sent to the palace was for the team to meet with leaders, and traditional, and religious leaders throughout the country to inform them about the potency of CBN, and in turn, they help deliver the message to the grassroots.
Is CBN doing the right thing?
When analyzing the situation, experts bring to the knowledge that CBN’s action is doing things in the wrong order.
The action is meant to be carried out by some other government agencies. CBN is not saddled with the responsibility of sensitizing the public on issues like this. Perhaps, they chose to carry out the task due to how fast the deadline is approaching.
According to the Nairametrics report:
- Samuel Ugwu, a social affairs analyst, told Nairametrics that the CBN has foreseen that the time left to complete the exercise is not much, thus embarking on the new fire-brigade approach to the problem.
- He said the National Orientation Agency should have been empowered from the get-go to give adequate orientation to the public, especially in rural Nigeria. Ugwu added that with 11 days remaining, there is no way the CBN will be able to complete the exercise on time.
It is noteworthy that to date there are some banks still stocking their automated teller machines with old naira notes or a medley of old and new notes.
- Dr. Felix Echekoba, a lecturer in the Department of Banking and Finance, at Nnamdi Azikiwe University also said as the deadline fast approaches, the CBN will have no option left but to extend the date, otherwise, many Nigerians will lose their hard-earned savings to a system that does not work.
An importer who operates at the Alaba International Market, Mr. Paul Akindinobi, told Nairametrics that having CBN directors go out on sensitization exercise depict confusion in the government.
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