Old Notes Return To Banks: As Zenith, Access, Fidelity And Others Open On Weekend, Emefiele’s Long Plan Unveiled
The Oasis Reporters
January 28, 2023
@gregabolo
@Theoasisreport1
It seemed like a well rehearsed, choreographed and synchronized plan when almost all the banks in Nigeria announced that their doors would be thrown wide open on the weekend, January 28 and 29th to receive old notes into their vaults. This was to ease the traffic towards the complete and total mop up of the old naira denominations of 200, 500 and 1000.
Even micro finance banks including MTN’s Momo all made similar announcements.
All the financial outfits tantalized their customers with the benefits in it. Just return your old notes for free, or lose whatever was left after January 31.
Many shops all-over Nigeria have been making bumper sales with payments for cars, refrigerators, sewing machines, beds etc being made in cash, old naira notes of course, thereby dumping the old notes in the hands of shop cashiers who would have the unenviable task of making trips to the banks for cash deposits.
To know what Central Bank governor, Godwin Emefiele may have in his mind, here’s what Engr. Humphrey Igho told The Oasis Reporters four years ago on his return from a telecommunications job training in China:
“While in Beijing, I never saw their currency notes. Not even once. Even if you were paying for a meal in a side eatery that we call “bukateria” in Nigeria, you’d pay via a bank transfer. China is a total cashless society”.
This is the dream of Governor Godwin Emefiele, who used to be a commercial banker before becoming the Nigerian Apex bank governor. He wants the country to go cashless.
Going cashless would make the job of financial analysts a lot easier as all the data on money movements and directions would be on spreadsheets in the laptop of analysts who would predict the state of the economy a lot easier. And it would make financial planning better.
It would be a brilliant move if it is fearlessly implemented.
By Greg Abolo
gregabolo@gmail.com
