Nigeria is a superb comedy theatre. The CBN decides to redesign the national currency three months to general elections and limits the same period for 200m to complete the swap. The people who should be alarmed hail the move as one targeted at those hoarding money to buy votes during the elections. The ruling Party, of which the President is the leader, is accusing the President of trying to ruin its chances in the election. Few days to the deadline, the new notes are nowhere to be seen. There’s is also scarcity of fuel. Yet, the people hail the currency situation. Money is now a commodity to be sold and bought at premium – as high as 10%.
The law is clear that when there is change of currency, the CBN may fix a date for the old currency to cease to be used for transactions but must nonetheless redeem any such old currency whenever presented in good condition. The Lower House, the HOR, is quoting the law and threatening to arrest the CBN Governor, except he appeared before them to be coerced by them to to extend the deadline to, wait for it, “31st June”. Nobody is thinking about inviting the courts. And that is for good reason. They know they could be on the case until the end of the next Government.
It is the end of month, there’s no cash to pay millions of artisans in the informal sector, the poorest of the poor who have no bank accounts. People are punching one another in front of the few ATMs, that do not keep vomiting the old currency, and in queues in the banks.
Yet, for many, including the most educated and intellectual, this move by the CBN is the next best thing after sliced bread.
Chuks Nwachuku
