The much-anticipated presidential election is over, and the results have been announced, but Nigerians continue to struggle with access to cash.
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), announced the plan to redesign the N200, N500, and N1,000 notes in October 2022.
Since the notes’ release, Nigerians in various parts of the country have been unable to obtain them from banks and ATMs in time for the recently concluded election.
At the height of the crisis, the CBN had advised Nigerians to turn to alternatives such as eNaira and digital channels. Many transactions have failed or been delayed as a result of using these channels.
Consequently, a crisis between some Governors and President Muhammadu Buhari ensued, leading to a filing at the court. The Supreme court had restrained the Federal Government from going ahead with the implementation of the policy.
But the President, in a nationwide broadcast, ignored the apex court order by extending the validity of the old N200 notes while insisting that the old N500 and N1,000 remained illegal.
Buhari further stated that the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the central bank.
However, before the presidential election on the 25th of February, analysts believed that the CBN’s new Naira redesign policy was targeted at some politicians who were contesting for public office.
However, the election is over while the quagmire persists.
Temitope Alabi, a POS operator told TechEconomy on Friday that access to the new Naira notes remains a big issue, as there are limited notes available.
The POS operator who charges N100 per thousand added that when there is cash, nobody takes more than N2,000.
“We don’t usually have cash but when we do, it’s usually a small amount and we don’t give more than N2,000. We had hoped that the situation was going to change after the election but it’s almost still the same.”
While the consequences of the policy continue to play out, Nigerians are making several calls on the apex bank to make cash available.
In a video seen by TechEconomy on Thursday, President Muhammadu Buhari apologized to Nigerians over the naira redesign policy, saying that it was not introduced to cause hardship.
“I apologize to you for the hardship caused by the change of the naira. It was done to boost the economy of the country, not to cause hardship to anybody,” the president said.
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