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Extend Old Naira Notes Deadline - Governors Beg Buhari

Posted by Thandiubani on Wed 08th Feb, 2023 - tori.ng

The governors also urged Buhari to revisit the cashless policy of the Central Bank of Nigeria.

Governors of the 36 states of federation have begged President Muhammadu Buhari to extend the deadline for the implementation of the old Naira notes swap.

This is as the governors begged Buhari to revisit the cashless policy of the Central Bank of Nigeria.

This was contained in a letter by the Nigeria Governors’ Forum on February 6, 2023 and signed by the Chairman of the Forum Governor Aminu Tambuwal of Sokoto State

Recall that the CBN had on December 6, 2022 directed all deposit money banks, and other financial institutions, payment service bank, primary mortgage banks and microfinance banks to limit the maximum cash withdrawal over the counter by individuals and corporate firms weekly to N100,000 and N500,000 respectively, adding that withdrawals above the lower limit would require processing fees of 5% and 10% respectively for individuals and corporate firms.

The apex bank further directed that third-party cheques above N50,000 shall not be suitable for OTC payment while extant limits of N10 million on clearing cheques stay, following the apex bank’s latest naira notes redesign

But the NGF, in its letter, said, “Even though the identified constraints are to be found in almost every state in the country, they are particularly evident in states like Borno in the North East and Bayelsa in the south-south where one finds a pitiable number of banks located only in the State capital which would basically render the workability of the new policies impossible for now.

“The speed of implementation of the policy is a recipe for anarchy in the country and we urge a re-think of the policy. Regarding the reviewed cash withdrawal limit, we have found from synthesizing experiences across the country that the informal sector in the States, particularly in the Northern and Niger Delta States almost wholly depends on cash transactions because of the nature of their trade.

“It is our view, Sir, that an immediate limitation in the use of cash without robust engagement with stakeholders as well as the provision of accessible alternatives will deny such people legitimate sources of livelihood.

“We fear that the cumulative effect of these unintended but very profound and probable consequences of these policies would be a rise in the number of unemployed and unengaged persons who will inevitably resort to crime to make ends meet. This has a dangerous implication for the security of the country and the potential to derail Mr President’s security agenda.”

On the new naira notes, the governors urged the President to extend the span for implementation of the policy and order the CBN to ensure the availability of the new notes.

“We most respectfully pray Mr President to approve an expanded time frame for the implementation of the policy and direct the CBN to make the new notes available within the enlarged time frame.

“Direct a thorough assessment of the prevailing economic conditions related to the implementation of the currency change and cash withdrawal limit policies. Direct that States be involved in future discussions regarding the policies in order to have revised policies that would recognize and consider states’ peculiarities.

“Consider and approve the putting in place of necessary infrastructure and facilities within a reasonable time frame to facilitate the implementation of the policy, including introducing incentives to encourage the use of digital payment solutions. This will help reduce the pressure on physical cash and promote financial inclusion, investing in infrastructure to expand access to financial services.

“Direct that a robust enlightenment campaign be mounted to create sufficient awareness in the citizens of the thrust of the policy. This will help people better understand the implications of the naira redesign and cash withdrawal limits and how to use digital payments platforms,” the governors said.