Have you been having difficulties trying to get old or new naira notes in Nigeria? This challenge, like a horrible nightmare, may not go away so soon. As a result, the Central Bank of Nigeria (CBN) is recommending that you should use alternative payment channels for your transactions.
The scarcity of naira notes has triggered protests across different states, as Nigerians struggle to live their normal lives daily.
To cushion the effect, the Director of Corporate Communications Department of the CBN, Osita Nwanisobi, suggests a few alternative payment channels you can adopt.
According to him, you can explore the eNaira and internet banking system.
He believes these would reduce the harrowing effects of the cashless policy.
Nwanisobi made this known at the just concluded 44th Kaduna International Trade Fair.
He says the new naira policy is not in any way targeted at any individual, as being insinuated in the public domain.
Osita Nwanisobi spoke on the theme: “Promoting Value Addition for Economic Growth and Development”.
Strengthening Nigeria’s Macroeconomic Fundamentals
He was represented by the Director, Capacity Development of the CBN, Mohammed Abbah.
“The CBN Governor, Godwin Emefiele, has always said that the policy is not targeted at anyone or any group of persons.
“Rather, it is derived from the Bank’s in-house analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions.” Abbah said.
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On the naira redesign issue, he says the aim of the bank is to make the country’s monetary policy decisions more efficacious.
He says the policy is resulting in a downward trend in inflation, and the exchange rates have been relatively stable.
He adds that the CBN would increase financial inclusion in Nigeria by reducing the number of the unbanked population.
The CBN official believes that this would support the efforts of the security agencies in combating crime.
There are reports that banditry and ransom-taking have been on the decline in Nigeria since the announcement of the programme.
According to him, the CBN is not unmindful of the challenges some citizens have had to face in the past few weeks in efforts to get money from their banks.
Also, the CBN knows that other alternative channels have been problematic.
According to him, there have been reports of occasional transaction failures.
He assured Nigerians that the payment system infrastructure was robust enough to handle the surge in transaction volumes across all channels.
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