The central bank of Nigeria (CBN) plans to redesign and distribute new N200, N500 and N1000 bank notes to replace the existing ones this announcement was made on the date of 26th October, 2022. Godwin Emefiele, CBN President decide that the circulation of the new design naira notes suppose to begin on the date of 15 December, 2022 but due to the fact that the the old naira notes is more surplus than the new naira notes, the CBN president gave a mandate that the deadline for the old naira notes is on the 31 January, 2023, which was later extended till 10th February, 2023.
The pos agents rate of service is very expensive due to the new naira notes which is been introduced to the country the new naira notes has not been circulated which also gives the pos agents that opportunity to charge at a high rate, according to the politician, they want the old naira notes deadline to be extended so that they can use it to buy votes from the citizens of the country for election.
The court ordered the CBN president Godwin Emefiele to stick to the deadline which is 10th February, 2023 this scarcity of money is also making the economy to rot due to the fact that money is not available to run a business, the country has now turned to the centre of money transfer where as, you purchase a product and pay through transfer and also with charges to the seller of the product.
A large population of people are always at the bank due to the collection of new naira notes so as to engage it in their business or whatsoever they desire.
Scarcity of money has also added to the problem of Nigeria, even the pos agents are already cashless due to the scarcity of new naira notes and the long queue at the bank this problem is also affecting the economy system, due to the coming election the cat has been let out of the bag that the politician are buying new naira notes so as to jilt people of their right. citizens of the country are suffering from scarcity of cash as the rumours of the rich people bribe bank staffs to get huge amount of cash from banks directly while the poor people manage to queue at ATM machines and stay hours under the sun in hope of getting cash, but a lot of people hope get crashed as most ATM machines refuses to dispense money.
The CBN president has announced that a lot of money has been distributed to banks. And this leaves Nigerians a lot of question which gives a lot of reasoning that when the money was been distributed was it disposed along the way or the banks are not ready to give them out or has been sold to some of the politicians This leaves the Nigerian citizens baffled and down due to the scarcity of new naira notes the citizen are spending almost a whole day at the bank for the withdrawal of the new naira notes CBN president said that the new naira notes has been circulated to every banks he said they should ask the bank worker of how they how they go about the cash the CBN president has extended the new naira notes deadline and also warn the pos agents not to collect ambitious amount from the customers because he has heard a lot about the the way the pos agents are charging their customers anytime they come for withdrawal.this new naira notes has crated the room poverty in which people could not have access to their money in the bank even to do transfer is very difficult in which sometimes the service is not always available,not trustworthy at all.
The economy of this country is out of hand, Nigerians are complaining of business system due to the high rate of money spending which is not solved yet and now the matter of money changing also arise this leaves Nigeria a question that will Nigeria be great?
By Ogunbode Olamilekan
