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EXCLUSIVE: Naira Crisis: Emefiele discloses why currency redesign policy is failing

Despite itting to the supply constraints, Mr Emefiele also lamented the activities of saboteurs in the banking industry, who are hoarding the new notes.

ByTaiwo-Hassan Adebayo February 10, 2023
Reading Time: 3 mins read

Supply constraint arising from the limited capacity to print enough new Naira notes is responsible for the severe cash crunch hurting Nigerians, CBN Governor Godwin Emefiele itted amid the disappointing naira swap policy of the Buhari istration.

Mr Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, sources who attended the meeting told TIMES. President Muhammadu Buhari convened the meeting as threats of social instability rise following the shortage of Naira.

Violent protests have been recorded in parts of the country, including in Ogun, Oyo and Akwa Ibom in the country’s south, and the media is awash with lamentations of suffering Nigerians, who are not able to access their funds for transactions, especially in the cash-dominated informal economy.

Many banks in various states have shut down their operations as citizens violently protest their inability to access their funds.

Many governors have also echoed the lamentations of the citizens.

On Friday, Mr Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.

The extended deadline to phase out the old notes is today, 10 February. However, a Supreme Court decision this week asked that the deadline be further extended. The Attorney-General of the Federation, Abubakar Malami, is challenging that interim ruling by the Supreme Court and the central bank has not spoken on how it intends to comply with the ruling, thus leaving Nigerians confused.

Without a definite pronouncement by the federal government or the CBN, Nigerians have started rejecting the old notes, on-the-ground reporting across the country shows.

In further reporting for this story, TIMES learnt that The Mint’s capacity constraints rest on not having enough papers to print new Naira notes.

“The Mint has run out of papers to print N500 and 1,000 notes,” a source said, explaining the supply constraints The Minit faces. “They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now.”

The source said The Mint had received CBN’s request to print 70 million copies of the new notes, totalling N126 billion to be pumped into circulation by today, the source added, regretting, however, that the request could not be met because “The Mint doesn’t have the capacity.”

TIMES could not speak with The Mint officially.


“Sabotage”

Despite itting to the supply constraints, Mr Emefiele also lamented the activities of saboteurs in the banking industry, who, he said, are hoarding the new notes.

At least two unnamed bank branches have been busted for hoarding new notes while customers endured long queues and were unable to withdraw their money, he said.

Some commercial banks have, however, denied hoarding the new notes, saying the Central Bank is simply not providing them with enough notes for customers.


TIMES’ sources, who attended the Friday meeting, said the attendees ed the Naira redesign policy, which the government has said is aimed at combating illicit financing. However, they were said to be unanimous in decrying the implementation of the policy, which has deepened hardship among Nigerians.

The problem is exacerbated by the country’s apparently fragile electronic transactions infrastructure, which has seen a spike in failed transactions as more people resort to e-banking amid cash shortage.

The attendees asked the government to be more aggressive in distributing the new notes to address the shortage.

“Relating to the Naira redesign policy, the policy stands but then the council agreed that there is need for aggressive action on the part of the CBN as it relates to the implementation of the policy by way of ensuring adequate provision being made with particular regard to the supply of the Naira in the system,” Mr Malami told journalists after the meeting.

Meanwhile, Mr Buhari was non-committal at the meeting and barely spoke, the sources said. He left the meeting as the time for the Muslim’s Jummah prayer drew close and his deputy, Vice President Yemi Osinbajo, took over.

Mr Osinbajo was said to have thanked the attendees and reminded them that the Council of State is an advisory body.

He said the president would take a decision.

https://www.timesng.com/news/top-news/581070-exclusive-naira-crisis-emefiele-discloses-why-currency-redesign-policy-is-failing.html

Emefiele should resign and submit himself to DSS, he should be given 49 + 9 months imprisonment, he should then ask for extra 1 year 😁😁

Joke apart people no day carry money go bank for now again,

The only bank I trust now is power BANK 😅😅

This Emefiele is a big, fat, large, gigantic slowpoke.

Didn't he know of all these inadequacies before embarking on a failed project?

Why didn't he carry out wide consultations?

He is incompetent and should be sacked immediately.

The worst CBN governor in Nigeria history . So he knows there is crisis?

On Friday, Mr Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.

“The Mint has run out of papers to print N500 and 1,000 notes,” a source said, explaining the supply constraints The Minit faces. “They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now.”

Hmm. That's why I the view that Emefiele has a hidden (political) agenda to begin with, hinged on creating chaos from the expected failure of the shoddy implementation of the policy. Coz how else do you explain a whole CBN embarking on such a monumental and consequential policy without the requisite capacity to deliver and see it through?! He should be ashamed of himself for even itting such level of gross incompetence openly.

My own question is, can we still spend the old note or is the old note expired?

If TIMES’ sources have accurate information then Mr Emefiele deserves some koboko and also their meeting today is just a waste of time and scarce resources.

Useless CBN governor.

We all know you have failed us, Mr. CBN governor what is the way out of this mess you and your cabals brought on us

So what's the way forward now? Is he afraid to tell us that we can continue to use the old currency for now?

Insider sabotage

Vote Peter obi

What did I just read??

Imagine a man who calls himself a CBN governor!

How did Emefiele become the GMD of almighty Zenith Bank?

I guess it was through office politics!

That man's brain is practically empty.

I wander when Buhari will eventually make a decision on this issue

Don't tell me the billions was wasted

Oh APC what did we do to you guys to deserve this

God punish Thiefnubuu

What a shame! In the midst of all these confusion, should the masses continue to suffer?

What an incompetent CBN Governor. You formulated a policy without doing proper homework. No risk assessment, no risk management. You disappointed and embarrassed the entire country. No be your fault, na Buhari wey give you undeserved second term

Elemefiemele the Idiot.
Can't the whole Nigeria prosecute him and Buhari?
Before declaring a policy, you must be sure you v the resources to sustain it. Shey na cabals to eat ink and paper that's meant to print the new notes?
Why all these incompetence from Buhari and the unfortunate idiots he appoints?
All things done under Mr president's regime is always with pains. From closure of borders to NIN to fuel scarcity, no power supply to new notes. Everywhere is hardship upon hardship.
A very useless CBN gov telling us they don't v resources to print new notes as if they don't know our population and the high demands their unreasonable deadline ll give.
Now, how has these stopped corruption?
It was extended for 10 days and now to Feb 15 or probably after elections.
Who's the real thief?
Is that how to catch politicians?
How about depriving them of cash by cutting their cost of governance or exposing them to Nigerians so that the public can handle them?

This is just a good policy with a very bad intention

bastard. Lightning strike ur bald head there

Guy just let us know about the deadline

We don't need why, we need a solution.

Sensationalism and APC-leaning news media are 5&6...

Lol

if you vote for APC thunder will fire you

Waiting for obi is always right crew

I knew there was not enough new notes to go round....we experienced this under soludo with 10,20 and 50 naira swap,it went smoothly.

Solution pls