New Naira Notes: “Confused” CBN dispatches directors on nationwide sensitization campaign

With only 11 days remaining to consummate the distribution exercise of the newly designed N200, N500, and N1,000 naira notes, the Central Bank of Nigeria has dispatched some of its directors to sensitize the public about the move.

Dr. Abubakar Abdullahi Kure, a CBN director/ managing director of NIRSAL MicroFinance Bank, who led the Federal Capital Territory (FCT) team yesterday, took the campaign to the palace of the Ona of Abaji and Chairman, FCT Council of Traditional Rulers, Alh. Adamu Yunusa.

He told the traditional ruler that the apex bank had intensified its awareness campaign efforts “to ensure that people take their cash to the bank so that they don’t lose it.” Dr. Kure said that the decision to redesign the three highest Naira denominations (N1000, N500, and N200 was in the interest of the Nigerian economy.

According to him, top CBN officials were meeting opinion leaders, including traditional and religious leaders throughout the country, who would carry the message to the grassroots.

Is the CBN Confused? Analysts say the late sensitization exercise is akin to putting the cart before the horse. They say the appropriate government agencies should have embarked on the sensitization exercise long before now, and not leave such a responsibility to CBN directors to carry out.

• Samuel Ugwu, a social affairs analyst, told Nairametrics that the CBN has apparently 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 said 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 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.

• “What is the job of the National Orientation Agency? What is the job of the Ministry of Information? Should local governments not be active in this exercise?” he asked.