The Central Bank of Nigeria (CBN) has been criticized by journalists for not owning up to the problems that have arisen as a result of the decision to redesign naira notes. It was posited that the shortage of naira notes was due to the CBN’s inability to print enough new notes. Journalists and their guests on the Journalists Hangout show on TVC News supported the House of Representatives’ resolution to reconvene from recess if the current Naira notes scarcity persists.
On the broadcast, one of the journalists praised the House of Representatives move as a patriotic one and encouraged the rest of Nigeria to do the same. It was underlined that the CBN’s independence does not put it in a position above the law in the country. The journalist also noted that it is possible that the allegations that banks are stockpiling the new notes is not accurate. Ayodele Ozugbakun, the show’s anchor, said that President Muhammadu Buhari is being shown an image of business as usual throughout Nigeria, which makes it impossible for him to act before the situation evolves further.
Expert urged CBN to implement appropriate measures.
Another journalist weighed in on the subject, saying that point-of-sale (POS) retailers were taking advantage of the crisis by charging exorbitant fees in return for new banknotes and deposits. The POS vendor, however, reportedly had to put in as much effort as any other bank client to receive the new note. Meanwhile, capital market expert and President of the Capital Markets Academics of Nigeria, Professor Uche Uwaleke, urged CBN to implement appropriate steps to guarantee proper and efficient distribution of the new Naira notes.
Professor Uwaleke claims that the public is in an uproar because of the CBN’s efforts to establish a cashless policy. This is seen in the massive queues formed outside banks and POS merchant shops as people want to get their hands on the new note. This is happening amid the country’s fuel shortage, which has also resulted in massive queues at several filling stations. In light of this, he also urges the CBN to work with the country’s security agencies to identify and punish individuals allegedly hoarding the new notes.
Long-term benefits of the policy cannot be overlooked.
According to the same capital market expert, the CBN should take responsibility and handle the situation to guarantee that all Nigerians get easy access to the new notes as the central bank’s deadline approaches. Prof. Uwaleke believes this action if adopted, would help defuse the stress caused by the country’s widespread cash shortage. Examining the CBN rule on the N20,000 withdrawal limit in detail, he expressed worry that the amount is far low, prompting an appeal to the apex bank to raise the limit.
Furthermore, he urged national political leaders to refrain from making negative comments about the viability of the cashless policy, stressing the need for their support for its effective implementation. Prof. Uwaleke commented on the decision of three Northern States to sue the government over the cashless policy, arguing that this might undermine the effectiveness of the policy. In spite of the fact that the country’s transition to a cashless economy has caused a myriad of issues, the long-term benefits of the policy cannot be overlooked.
The policy will increase nationwide financial services.
Prof. Uwaleke hails the cashless policy as a means to reform the financial system, recovering the huge amounts of money that were previously alleged to have left the country and allowing the CBN to conduct out its monetary policies. Further, it will help increase people’s access to financial services nationwide. Since the policy’s announcement, he claims, electronic payments in Nigeria’s economy have expanded dramatically, with many business owners praising the convenience it has brought to their operations.
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Journalist criticize CBN on new note shortage – Naira shortages are due to CBN’s inability to print enough new notes. – Express your point of view.
The problem of this policy is the shortage of the naira. That is where the problem is. Enough naira isn’t yet in circulation, so how do people do business then.
Moving away from the present should be our priority and not placing blame. CBN should implement appropriate steps to guarantee proper and efficient distribution of the new Naira notes.
One of the way out for Nigeria of this financial menace is for the citizens to start operating cashless policy is by using e-banking system for any transaction,this really reduce the way people carrying cash for transactions.
Journalist criticize CBN on new note shortage. This country leaders love it when the citizens are suffering. They lack planning
It was emphasized that despite its independence, the CBN is not above the law in the nation. Additionally, the writer pointed out that it’s likely that the claims that banks are hoarding the new notes are untrue.
Using the e-banking system for all transactions is one way for Nigerians to implement a cashless policy, which significantly reduces the amount of cash that people carry about with them.
CBN has failed in printing new note which has led to the shortage of the new note in circulation. It seems that it is politically motivated.
The true is that the policy carries great benefits but the CBN failed to print enough new note which resulted to the crises. The CBN should act to quash the ranging situation now before it goes out of hand completely.
I don’t think CBN are to be blamed for the shortage of the cash. The banks hoarding the new note from circulating are to be responsible and even so the policy is for the betterment of the country in the long run.
CBN are claiming they send enough cash to the banks is the banks that are holding on to the cash not releasing of to the people. The new note as not circulate around the country that what make it scarce
Good that journalists have expressed their disappointment that the Central Bank of Nigeria has not taken responsibility for the issues that have surfaced as a direct result of the decision to redesign naira notes.
It was hypothesized that the Central Bank of Nigeria’s (CBN) failure to issue sufficient quantities of new naira notes was to blame for the naira note scarcity.
Its great that the journalists and guests on TVC News’s Journalists Hangout show agreed that if the current shortage of Naira notes continues, the House of Representatives should return from recess.
The journalists referred to the action taken by the House of Representatives as a patriotic one and encouraged the citizens of Nigeria as a whole to follow suit.
The journalist also pointed out that it is possible that the charges that banks are hoarding the new notes are not correct. she mentioned this possibility in her letter.
The use of electronic payment methods has seen explosive growth in Nigeria’s economy, and many entrepreneurs have praised the increased efficiency that this trend has brought to their enterprises.
By eliminating the need for paper currency, the CBN can more effectively implement its monetary policies and overhaul the financial system.
One approach for Nigerians to execute a cashless policy is to conduct all transactions through the online banking system. This would greatly minimize the quantity of money that individuals would need to carry about.
The deficiency of the naira is a result of this approach. Right there is the rub. People can’t do business as usual since there isn’t enough currency in circulation.
The Central Bank of Nigeria (CBN) says it sends adequate cash to banks, but the banks are hoarding the money and not making it available to the public. Because of this, the new note is extremely hard to come across across the country.