The Central Bank of Nigeria has been urged to do more to ensure that the new Naira notes goes widely into circulation and meet the January 31st Deadline for the circulation of the money.
Guests on the Sunday Edition of the Journalists Hangout made the call while reacting to the issues that have risen over the circulation of the New Naira Notes.
Adekunle Yussuf, Associate Editor with TheNation Newspaper said the Central Bank of Nigeria has to work very hard to monitor banks who he said may sabotage the move to get the new notes into circulation.
He said the activities of saboteurs is one the bank needs to be wary of to ensure the success of the new cashless Policy.
He called for strict monitoring surveillance on the activities of Commercial Banks in the country adding that it should not take more than a week to get the new notes into circulation.
He described the Policy as the way to go to ensure that Nigeria takes the next step in its development.
He also described an hilarious encounter he had while getting the new notes in the Ketu area of Kosofe Local Government of Lagos State adding that people are still doubtful on the acceptance of the new notes.
For his part, Paul Dada, the managing Editor of TheseTimes, said all indications currently points to an extension of the deadline for the phasing out of the old notes and transition to the new notes.
He disclosed that the commercial banks in the Country have complained that the notes are in short supply with them and have not been able to put much into circulation.
He added that the new notes are not available for circulation.
He said most Automated Teller Machines in the country have not been reconfigured to dispense the new notes with a caveat that even some bankers have told him in confidence that they have not seen the new notes.
He added that his expectation is that both notes should have been in circulation together so as to ensure people are used to the notes.
He urged the Central Bank of Nigeria to do something before the end of the deadline so that people will not start rejecting the notes and create unnecessary panic.
While discussing the issue further, Adekunle Yussuf, said the policy is a good one aimed at dissuading the stockpiling of the higher denominations by some people with bank ATMs expected to have more of lower denominations.
Babjide Kolade-Otitoju disclosed that in his experience of Yola the Adamawa State Capital and many parts of the country still dispense old notes and that even the number of banks available to service places like Yola are so insufficient to ensure the circulation of the new notes.
He said the available notes and what the Central Bank of Nigeria has disclosed will be available is insufficient.
He urged the CBN to take another look at the decision to set a deadline of January 31st asking why the bank underrated the logistical challenge that comes with the decision.
He also asked where the Governor of the Central Bank of Nigeria is at this very critical point in the nations’ history.
