The hope of many Nigerians to see an end to the confusion and anxiety that have pervaded the country for days over the federal government’s naira redesign policy was again dashed as the Supreme Court last Wednesday adjourned the case instituted over the contentious issue by over twelve state governors till March 3.The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.
However, President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023, adding that old N500 and N1,000 banknotes have ceased to be legal tender in Nigeria. Nevertheless, in defiance of the president’s directive, some governors like Nasir El-Rufai of Kaduna State had directed residents of their states to continue to spend the old N500 and N1000 notes until the Supreme Court ruled otherwise. So, while the old N500 and N1000 notes are no longer in use in many states, they “must” be accepted in Kaduna State and the like.
Residents of some border communities in states like Sokoto, Zamfara, Katsina,  Adamawa and Kwara  are said to have opted for the CFA Franc as the new naira notes have become very scarce items across the country. What a country! Central banks in other countries of the world carry out routine redesign of their currency for sundry reasons effortlessly, without subjecting their citizens to untoward hardship as is currently the case in Nigeria. Even here in Nigeria, the notes were changed in 1968 following the misuse of the currency banknotes during the civil war. In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time.
Similarly, in 2009 all lower denomination banknotes, N50, N10 and N5 banknotes were converted to polymer substrate following the successful performance of the N20 (polymer) banknote which had been in use since 2007. Again, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the N50 Commemorative polymer banknote on 29th September, 2010; and the N100 Commemorative banknote on 19th December, 2014 respectively. The old and the new notes were allowed to co-exist until the old ones gradually fizzled out. All these were done without making the citizens keep vigil at Automated Teller Machine (ATM) centres in search of the new naira notes or pregnant women losing their lives because they have no new notes to pay at the hospitals. People did not travel several kilometers to the banks only to be issued N2,000 or N3,000 over the counter out of their hard earned money. Cashless economy is easier, no doubt. It makes life easier and better. By the way, Nigeria has operated a cashless economy for some years now. Many people, particularly those in the cities, pay their electricity bills, cable television subscriptions on-line. Some buy virtually all they need via electronic money transfer. So, let it not be made to seem as if the cashless economy is an innovation in the country.
But commonsensically, our leaders should know that no economy can thrive without cash. There will always be an unbanked population; an informal sector that will require cash to succeed. Lack of enlightenment of the rural populace on the cashless policy, the poor network which has made on-line transfers and shopping a nightmare should have as well been considered. A situation where people queue up for over an hour to buy Petroleum Motor Spirit (PMS) and still spend the same amount of time waiting for their turn to pay through a Point of Sales (POS) operator is not palatable at all. As is typical of some Nigerians, some fuel attendants have capitalized on the prolonged scarcity of fuel and naira notes to rip-off customers who want to buy petrol without physical cash
Stories abound about how pump attendants refuse to accept transfer as mode of payment for fuel and rather direct buyers to POS operators who charge extra amounts on customers who need cash to pay for petrol or want to pay with POS.  President Muhammadu Buhari during his last week’s national broadcast said he understood the hardship Nigerians were going through because of the monetary policy but it is doubtful if he truly  knows. If he does, he would have taken steps to bring succor to the suffering masses other than the mere directives on the release of the old N200 notes which have not changed anything. In December 2022, the CBN directed deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively. Why can’t the president and the CBN ensure that there is enough money to make this possible?
Could the controversial monetary policy be politically motivated as being speculated by some people? Was there an ulterior aim in tying the naira redesign to the fight against vote buying, corruption and insecurity as the apex bank claimed? When did it become the duty of the CBN to fight vote buying? Is there no better way, effective way of checking vote buying other than suffering the citizens? And why punish the ordinary people that have no business with buying and selling of votes? the last time I checked, no top politician vying for any political office queues up at banks or ATM centers to withdraw money. They transfer funds electronically and this, as experts say, is easy to track.
Yes, Nigerians ought to be angry with the state governors for not showing interest in the affairs of the citizens all these years – ASUU strike, fuel scarcity, workers’ welfare, lynching of Deborah Yakubu in Sokoto and many others. In all these travails, the governors never spoke up for the citizens whom they govern, thereby making some Nigerians question their interests in the legal battle against the naira redesign policy. But since they said they are doing so in the interest of the suffering masses, that should count for something.
Whatever legal measures that need to be adopted to compel the CBN and the federal government to desist from draining the country of cash should be supported by all.
Our prior interest should be how to ameliorate the pains of Nigerians brought about by little or no cash in circulation. Some analysts have described the monetary policy as ill timed, ill conceived and ill implemented and the height of the poor policies of the current administration which has taken Nigeria several steps backward and have brought the citizens great pain and agony.
But we must not forget that whoever will be elected  president cannot perform miracle overnight. Objectively speaking, Nigerians should be ready to suffer and make sacrifices for the first tenure of the incoming government before we can begin to perceive the Eldorado. People in authority and those close to them will tell you that there are more to the problems of Nigeria than meets the eye and that there are individuals and countries (the world powers inclusive) who do not want Nigeria to have a good leader for their own selfish interests. So, for the incoming government to succeed, for us to have a country of our dream, the support and cooperation of everyone, every tribe and religion will be needed.

By; Calista Ezeaku