When the Central Bank of Nigeria (CBN) said it would change the 200, 500 and 1,000 Naira notes, Nigerians thought it was just a fiscal policy. Now the old naira notes are causing issues.
Indeed it is a fiscal policy, but a tight one that is now making Nigerians see it is more than it appears.
No one saw it coming. Nigerians never knew it will result in a tug of war between the Federal and State governments. Everyone thought it will be like old times when we change notes. You hardly know there is anything happening till the old notes just fizzle out.
But this one is different.
Right now, things are unfolding and we are seeing a different side to it.
The final day for the use of the old Naira notes was February 10, but Nigerians have seen this date fall into controversy more than every other date in the history of the nation.
Now, the old Naira notes are in circulation in some parts of the nation, with people citing the Supreme Court’s injunction on the Naira.
Nigerians are now waiting to see what the governors pushing for the use of old Naira notes will tell states’ residents after President Muhammadu Buhari issued a directive on the old Naira notes.
Indeed, there is an ongoing case on the matter, but the Central Bank of Nigeria is not a party to that case.
The Supreme Court StanceÂ
Just yesterday, Thursday, February 15, a hearing was supposed to hold, but the Supreme Court shifted the hearing again for yet another week.
Could this be a delay that will see that the old Naira notes are still in circulation by February 25?
There is a flow of things that we are observing.
Following the adjournment of the case by the Supreme Court, the Lagos State government issued an order.
Anyone who rejects the old Naira notes in the state faces prosecution.
Please Read: Breaking: Old Naira Still Legal Tender In Lagos — Sanwo-Olu
What we now see is a looming battle between the Federal Government and the Lagos State government.
Years ago, when Bola Tinubu was the governor of Lagos State, he had a fall-out with the Federal Government and that changed the financial lot of the state.
It was a financial boom that even Tinubu boasts of.
‘Take Power By Cash’
But is there something about this whole old Naira note drama that Nigerians are not seeing?
The current governor of the state is an ally of Tinubu who had advised the CBN to allow the old Naira notes co-exist with the new Naira notes till 2024.
Indeed, the general elections will begin eight days from now.
One of the discussions in town is that this old Naira note redesign is meant to check vote buying.
It is meant to check how much money people spend to twist the hand of patriotism and ‘take power by cash’.
From experience, vote buying, fosters in places where poverty is high and hunger subdues the conscience of a man.
That hunger is brewing even more now that the people have no cash to meet their daily petty needs.
Will a few naira notes not mean so much to a hungry individual on election day?Â
The Real BattleÂ
There are claims that some politicians have set aside huge amount of money for the election and they are in old naira note denominations.
The push in the Supreme Court appears like it is a fight for Nigerians who are suffering the effect of the naira note scarcity; but is that really what it is?
It is beyond what people see. It is a battle that targets to make the old Naira notes still a legal tender as elections hold.
If the Supreme court shifts the date of the hearing again, that will mean that by the ‘law of the Supreme Court’ the old Naira notes will still be in circulation even as elections hold.
Lagos is pushing for the use of the money in the state, hinging its decision on the apex court’s ruling.
This fall-out is another testament that the Lagos State government does not rely on allocations from the Federal Government and the state can afford to fight this to finish.
But whether the tricycle rider or the woman who sells tomatoes and vegetables will accept the old Naira notes is another thing.
When the elephants fight, the grass suffers.
Sabotage Having A Field Day
Nigerians are now seeing how tough it is to fight corruption. Mere words cannot fight it.
This final kick that President Muhammadu Buhari is giving in the fight against corruption appears to be hitting the rocks and the barricade is a strong one.
He had in his broadcast on Thursday blamed unscrupulous personnel in the banking sector for the shortage of the new Naira notes.
He claims they are sabotaging the process.
Who will win this brewing battle? Will Nigerians go into the election with the old notes still in circulation?
Will Nigerians bear the pain and hunger that come with this fight against corruption and the soul of Nigeria?
Unfortunately, people need cash to run their daily affairs and the new Naira notes are not available.
The only way the Federal government will win this battle is if it makes available the old 200 Naira and the new notes amidst this clamour for cash.
But we are scared that even though the CBN releases the old 200 Naira and more new notes today, will they be in circulation between today and February 22?
