Dear Mr. President,
Sir, this all started like a joke. The CBN governor, Godwin Emefiele, announced it was going to execute a naira redesign and force a cashless policy down the throat of citizens. There will be new notes and there will be pegs to cash withdrawals. Shockingly, the Minister of Finance, Zainab Ahmed, was completely unaware of this major policy undertaking – a policy with significantly impact on the nation’s economy. We looked to you, and you gave it your support.
We the people gave you our votes and the mandate to be president over the two-terms because we believed you’ll have our back always. You are (hopefully not were?) a different type of politician with close ties to the grassroots, the ordinary citizenry. However, a long stay in a presidential mansion can severely strain those kind of ties as we are all human. We can easily loose ourselves in the luxuries of an exalted position and forget those on whose back, sweat and prayers we rose to achieve our life goals.
Never-the-less, we trusted your judgement and accepted the explanation that this policy will bring back to the banking system huge monies stashed at homes and other places which may have been playing ignoble roles in the security challenges bedeviling the country. So, we threw in our support. But Sir, a policy is only as good as its implementation.
Mr. President, our assessment is that your CBN has forgotten its primary duty of maintaining and ensuring monetary stability. It is now sabotaging the monetary system in the country. We, your peoples, are suffering as a result of your governor’s poor implementation of the policy you supported. The New naira has failed to circulate. The naira redesign appears to have been hurriedly and poorly done, and of poor quality. A huge proportion of your population have never even seen (not to talk of touching) the new currencies with just 2 days left to the deadline!
Sir, what sort of governance-inflicted agony is this? Even the developed world, the UK for example, with all their soft and hard infrastructure, gave ample time (years) for their citizens/residents to access new currencies before older ones are phased out. No government deliberately inconveniences its citizenry. Your CBN’s arrogance and poor communication that accompanied this policy is despicable and unacceptable. We the people are not your or their servants. We are indeed your masters – you serve at our pleasure. Destiny places one of us at different times in leadership positions. Whatever we do with it, posterity will judge.
Unfortunately, the Naira redesign policy has become an issue about stopping vote-buying politicians and a proxy war between the central bank and certain elites and people of means. Ordinary citizens are being prevented from carrying on with their normal life and business; legal tender currency is now a source of anxiety and uncertainty. We do not support vote buying or the subversion of the democratic process under any guise, but you do not bomb a village to eliminate a few thieves within.
Dear President, your people businesses have grounded to a halt as they are afraid to accept the old currency and consumers have no new cash to pay. Your people are roaming the streets looking for ATMs to dispense cash and finding none. The few dispensing has agonizing long queues. People in rural areas have poor access to banking and many have no knowledge of electronic transfers or e-money. This stress is in addition to the current fuel crisis. Your people are hurting, Sir.
The effective and efficient implementation of any policy is a key characteristic of a competent manager. The manager at the helm of CBN has failed. The success or failure of your appointees counts towards your own success or failure Sir. Case in point, is the numerous successes in your Work ministry – imagine what your administration would have been if those successes were failures.
Dear President, my vote formed part of what brought you to office and with that vote I believe I can give you some advice. One, give an ample and immediate extension to the old note expiry date. Two, heads must roll at the CBN for the poor implementation of this naira redesign and for the sufferings we the people consequently endured. We know you hate to fire people but We the people, will accept no less.
Yours Sincerely,
NigeriaNoise
P.S
The CBN extended the deadline by a further 10 days to February the 10th, 2023. It is obvious that his piecemeal extension will not be enough but will only prolong the anxiety and sufferings of the people. A comprehensive strategy (with new managers) is needed for the effective implementation of this policy.