*Accuse Governors of hording, mopping-up the new notes

*Accuses state governors of using multiple ATMs, filing stations, supermarkets to hijack the new notes

By Eze Chidozie

Civil Society Organisations of Nigeria (CSOs) have expressed support for the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele over his refusal to extend the February 10 deadline on the use of old banknotes.

The CBN had redesigned the N200, N500, and N1,000 banknotes in November, 2022, to tackle what it claimed was hoarding of bank notes in homes and other unorthodox places, forcing Nigerians to deposit their old currencies in line with the initial January 31st, 2022 deadline.

The apex bank later extended the deadline to February 10.

Though an interim injunction granted by the Supreme Court restrained the federal government from carrying out the implementation, the apex bank is insistent on the policy, as it was deliberately not made a party to the suit by the four state governors who approached the apex Court, fearing they would have no locus standi to do so if they joined the CBN.

Praising the CBN in a press conference in Abuja, a member of the group, Gabriel Ojemena, claimed that the impact of the redesigned notes on the country in various regards, including economy and security, have been positive.

“On our electoral process, it is now obvious to Nigerians that it is only the vote buyers that are complaining. 

“This policy is facing a syndicated attack from a group of governors who we have termed the ‘G10 governors’,” he said.

According to him, “We have uncovered a grand plot by the G10 governors who have resolved to make Nigeria ungovernable for President Muhammadu Buhari if he refuses to reverse the new naira policy.

“These G10 governors are mopping up the money (new naira notes) and stopping it from circulation.”

Ojemena insisted that the new notes printed by the CBN was hijacked, so it did not trickle down to the masses. 

He added that the people who allegedly withdrew the new currency from the commercial banks have not allowed it to circulate.

“They are withholding the money using various means, including deploying agents who use multiple ATM cards to mop-up the new notes. 

“They go into the banks with a lot of ATM cards. They pull this cash, take it home to their masters,” he claimed.

“They withdraw this money, colluding with their banker agents to continue to drop the monies in the banks and buying of cash from business places that are ordinarily making huge cash transactions like petrol stations, supermarkets, and departmental stores.

“This has made some of these businesses insist on only cash payments, as the profit they make from the sales of the naira covers for the loss of business from those who do not have the cash to pay.

“The alleged sabotage is expected to put more pressure on the system and lead to abandonment or reversal of the policy,” Ojemena said.

According to the CSOs, the so-called G-10 Governors can “cry all they want” because, according to him, Nigerians are happy that the policy has hit those political leaders hard and “curtailed their excesses.”