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The acute scarcity of both the old and new naira notes is an indication that the naira redesign programme has been bungled and unduly politicized by politicians belonging to the ruling All Progressives Congress (APC). Ever since the emergence of this amalgam of strange bed fellows called the APC and their capturing of state power via the 2015 election, Nigeria has dwindled in all indices of human development.
Nigeria’s continued regression under the watch of the APC will be the topic for another day so that this article can really focus on the current issues at hand, the most topical being the shortage of the old and new naira notes, the reluctance of bank workers to open for business and the hoarding of petrol in a country that is among the major oil exporting nations. The initiators of the naira redesign programme had thought that it will bring in trillions of naira said to be outside the banking system, reduce terrorism financing and curb vote buying by desperate politicians ahead of the 2023 polls, but the reverse is now the case.
The big men have apparently mopped up both the old and the new naira notes and kept them in their vaults. The poor masses are wailing and crying that they could not access their money in the banks. In a cashless system, the filling stations are insisting on cash before they can sell fuel to anyone. The food seller is insisting on cash transaction. The POS operators are now abusing the little power they have. They all are selling the old and new naira notes at a huge price. For N10,000 you part with N1000 or N2000. For N5000 you part with either N1000 or N500.
The US dollar is not the only scare currency in Nigeria; the naira is competing with the dollar. Apart from the buying and selling of goods, Nigerians now engage in buying and selling of the naira. While the naira racketeering is ongoing, the economy is dying and thousands of Nigerians are dying. When Fela Anikulapo-Kuti sang of yellow fever, he probably did not know that a time like this will come with naira fever and fuel fever. In the same way yellow fever killed many Nigerians, especially those who bleach their skin; the naira fever is killing many Nigerians.
The fuel fever is killing many Nigerians. Godwin Emefiele’s cashless economy is a hoax meant to fail. The bungling of the project by the Central Bank of Nigeria (CBN), the money deposit banks and some unscrupulous politicians and businessmen have left ordinary Nigerians as the major victims of the naira redesign, naira swap and cashless policy. The scarcity of the naira has been compounded with the shortage of petrol. I don’t want to believe that the naira redesign was targeted at a particular politician or a political party as being insinuated in some quarters.
I don’t want to believe that some cabals in Aso Rock do not want the APC to perpetuate itself in power in the face of its glaring failure. The naira shortage is an artificial creation meant to make more profits by some banks, businessmen and some bad politicians. Coming up with the naira redesign project very close to election time is a very bad decision of this government, just like its move to conduct a national census in an election year. None of these two projects are bound to succeed. They are planned to fail.
I blame the CBN governor, Godwin Emefiele, for embarking on such a project without adequate sensitization of the citizens, especially the under-banked and unbanked rural masses. The naira redesign and naira swap can take one or two years to be done without creating unnecessary tension in the polity. President Muhmmadu Buhari in his first coming as a military head of state did a currency change programme with its numerous challenges. Why repeat the same mistake at a time your administration is winding down? I don’t know why our government engages in ad-hoc measures in carrying out a worthwhile project. There is nothing wrong with changing the colour and security features of our currency, but there is everything wrong with its hurried implementation and making it appear as if it is targeted at particular politician or a certain political party.
A government’s programme should not be made as if it is targeted at a person, an institution or a political party. Nigeria and the United Kingdom (UK) almost started the currency change at the same time but while that of Nigeria is chaotic, toxic and confusing, that of UK is seamless and still ongoing. Why must we do things with a fire brigade approach at all times? Why must we politicize every good initiative and work towards its failure? What is happening now is that the APC is playing games with the destiny of the country and Nigerians. The initiators of the programme are members of the ruling party; those criticizing it are the same members of the ruling party.
They are playing the politics of 2023 with our naira and petrol. They are playing with fire. There is a limit to everything. There is a limit to human suffering. The APC must not underestimate what Nigerians can do. The APC should not toy with the 2023 election and its outcome. Any attempt to perpetuate itself in power by force will not work. They must know when the game is up. What the APC is doing with the naira redesign project and fuel scarcity is no longer a laughing matter. It will soon lead to anguish and lamentations.
Although the Supreme Court’s intervention in the matter is like a face-saving measure for the embattled APC government, the matter may still linger for a while. It may attract other litigations and nobody is sure when they will end. The apex court has come under serious criticisms by Nigerians in recent times over some of its judgments considered political and not in line with prevailing social realities. Such unbecoming rulings, which cannot be reversed, are still haunting Nigerians and the judicial system.
Therefore, the court should be very mindful on how it handles the currency swap case. I think that the Buhari administration will focus on the 2023 election and his handover notes. He should not worry about those distracting him, including the APC hawks or cabals or whatever name they call themselves. President Muhammadu Buhari should be reminded of his firm promise and assurance to ensure a free, fair and transparent election in 2023 poll.
He has made such promise before Nigerians and members of the international community. He should remain steadfast to that solemn promise and vow to Nigerians and the world. He must not fail. Therefore, the Federal Government, the Independent National Electoral Commission (INEC) and the security agencies deployed for election duties and all democratic institutions are called upon to ensure that the wishes of Nigerians are respected in the elections.
The votes must be made to count and seen to be counted. Only a free, fair and credible election will guarantee peace in the country. The presidential election is not about any political party, ethnicity or religion. It is about competence and ability to do the job. It is a gigantic duty to be performed.
