Banking remains one of the key sectors of government in a society. It has its origin from the reign of King Henry James in England known as the Jacobean Age to those that studied literary theories and periods , all of these in the 17th Century . Then, the goldsmiths in London had facilities for storing valuables, from this, they accepted money and other valuables from merchants for warehousing and valuable safekeeping.
Studies have shown that agitation for central banking system in Nigeria was dated back 1948 by J. Mars and J.L Fisher , the adviser to the Bank of England, who requested to report on the desirability and practicability of establishing a central bank in Nigeria. The bank came to being despite some skirmishes , though was politically motivated and never for economic considerations premised on the Banking Ordinance of 1958 based on the function such as issuance of currency, acting as banker to the government , bankers’ bank, formulation of monetary policies, maintenance of monetary policies and maintenance and control of external services.
De Kock defines central bank as a bank which constitutes the apex of the monetary and banking structure of its country as best as it can in the national economic interest.
Down the historical lane since full-fledged democratical government in 1999 ushered in by Chief Olusegun Obasanjo ,until now , we have recorded several monetary policies with just that the present led administration in the country under outgoing president Muhammadu Buhari left much negative effects on the socio- economic status of the country.
The entire country understands that the Apex bank,Central Bank is directly overseen by the office of the Presidency in that whatever the proposed or projected economic plan and policy in the country will be will have been discussed. Last year around February , the federal government in conjunction with the Central Bank of Nigeria, CBN led by Mr Godwin Emefiele launched E-Naira platform , before which the plan to implement cashlessness had been proposed.
As a matter of fact, different socio-economic analysts then figured out all advertised positives of cashless policy including ease of doing business , constant cash flow, discouragement of money laundering among others coupled with forceful issuance of bank verification number, BVN in linkage with mobile numbers.
Like a dream that the Israelites crossed the Red Sea, the CBN implemented daily cash withdrawal limits from 500k to 100k and 100k to 20k on Automated Teller Machines,ATMs across the country.
Unfortunately, Nigerians entered a deceptive trap of the bankers, finding out that all bank ATMs already had constant programmed 10k, 5k and 2k withdrawal status quo. None of us ever complained nor protested , for in as much , cash still dispensed.
Suddenly, the Emefiele led Central Bank directed all Nigerians to deposit all old naira notes on them at all commercial and state central banks as to access the redesigned naira notes, coincidental with UK’s currency redesign owing to the pass away of Late Queen Elizabeth 111 , with no stress. At that time in Nigeria , fear gripped every business owner who usually had much funds on them an to be deposited within three months. The last month of fixed old naira deposits, CBN directed all its state branches to engage and embark, on a hot sensitization and reasons to deposit old naira notes, accept and access the redesigned new naira notes. Of course, the Ibadan and Southwest Comptroller Manager, Central Bank of Nigeria(name withheld ) engaged market traders of Aleshinloye, Gbagi, Dugbe,Bodija among others on the importance of redesigned naira notes of #1000, #500 and #200 which undoubtedly withdrew virtually all available old #1000, #500 and #200 notes across the country from Nigerians. The peak of the then almost shattered the country, as Nigerians were unable to access the new notes; thanks to President Mauhammadu Buhari who overrode the directive and policy by calling for redistribution of old #200 note until the Supreme Court of Nigeria based on some charismatic governors’ case filed against both the federal government and CBN in their forum including the governor of Ondo State, Mr Rotimi Akeredolu gave its verdict, calling old #1000, #500 and #200 legal tender until 31st December,2023 . Ahhh! Should we not say, the Court pronouncement brained the real conduct of the 2023 General Elections?
Since the Court pronouncement, much of the old naira notes filled the banks and the ATMs, thereby shutting undue charges of point of sales retailer from 40 percent on a digit currency -economy parasites !
Did you know that, the redesigned currencies took the Apex Bank led by Godwin Emefiele over 300 billion naira, with 5 percent of the said new naira notes available. Where are the new naira notes,Mr Emefiele?
It is my desire belief that 31st December is not far from now, is it the same money scarcity we would be singing in a new year? Should Nigerians cross-over to a new year the 2nd time into hardship, panicking, blood ripples and teeth gnashing? All of these need to be adequately considered by the President-Elect, Asiwaju Bola Ahmed Tinubu who, from May 29th becomes a formal president of the Federal Republic of Nigeria as we believe new naira notes should be directed super available from May 29th this year ? Some say the money redesigned policy should be upturned. Yeah, who pays the consultation fee for the minting? Emefiele or Nigerians? There are a lots the president-elect, Asiwaju Bola Ahmed Tinubu will do as to fruition the mission and vision of the economy plan and policy, otherwise, Nigerians will regard this as’ policy somersault’ which may be credited to an anticipatory new governance in the country. The government should remember that several bloods of Nigerians spilled in the course of redesign naira policy including one of our foremost Yoruba presenters, Baba Bintinlaye of FreshFM whom we all knew died in his prime.
In conclusion, Mr Emefiele, Nigerians ask you for the last time , ” Where are the new naira notes?”
