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I would describe the presidential elections of February 25, 2023, as an experience. While some supporters of opposition parties are still waiting for INEC to say they somehow declared the wrong winner, other people have started preparing for the March 18 gubernatorial elections like they’re marching into war.
These people wouldn’t be entirely wrong, as many were victims of voter disenfranchisement and electoral violence in the last elections. So, to ensure that this doesn’t repeat itself on March 18, some Nigerians have decided to tap into their creative side by wanting to bring dogs and other pets to the polling units to scare thugs who might want to disrupt the elections.
Polling units around Nigeria were going to be filled with the scariest and toughest lineup of pets in the country, but unfortunately, the Nigerian Police Force (NPF) has once again decided to rain on our parade.
On March 7, 2023, the NPF released a statement saying Section 126(1) of the Electoral Act classifies dogs as offensive weapons that can be used to cause harassment and intimidation by their owners. Therefore, pets are banned from polling units, and the police discourage people from violating this law.
So, maybe we should start looking for other ways to defend our votes and leave the animals out of it because the last kind of trouble anyone wants is one from the Nigerian police.
What Else Happened This Week?
Light at the end of the tunnel of Naira scarcity
If there’s one thing the Nigerian government’s good at, it’s making unnecessary policies that only serve to make our lives harder. In November 2022, President Bubu launched the newly designed naira banknotes, and the Central Bank of Nigeria (CBN) announced that it’d become the official tender from February 10, 2023.
Since the redesign, we’ve entered a rat race trying to get our hands on the new naira, which has proved harder than finding good roads in Ogun state.
However, after weeks of suffering, POS extortion, bank queues, and court cases, the Supreme Court finally came to our rescue on March 3, 2023, when they announced that the old banknotes should remain Nigeria’s legal tender until December 31, 2023.
Some commercial banks have already started paying customers old banknotes over the counter. And although some traders still refuse to accept them as payments, the CBN’s acting Director of Corporate Communications, Dr Isa Abdulmumin, has come out to reassure Nigerians that they can now receive the old banknotes as a form of payment.
Lagos state governor, Babajide Sanwo-Olu, has choked us this week on social media with his achievements while in office. Can this help tip the elections in his favour in the gubernatorial elections?
On March 3, 2023, the Supreme Court ruled on the Central Bank of Nigeria’s (CBN) naira redesign policy. It noted how the president flouted its February 8 order asking the Central bank of Nigeria (CBN) not to end the recognition of old naira notes as legal tender and described it as a hallmark of a dictatorship.
Here are the words of Justice Emmanuel Agim, who read the lead judgement:
“The rule of law upon which our democratic governance is founded becomes illusory if the President of the country or any authority or person refuses to obey the orders of courts. The disobedience of orders of courts by the President in a constitutional democracy as ours is a sign of the constitution’s failure and that democratic governance has become a mere pretension and is now replaced by autocracy or dictatorship.”
[CBN governor Godwin Emefiele / Channels]
The Supreme Court ordered that the old ₦200, ₦500 and ₦1,000 notes should remain in circulation until December 31, 2023. This was a week ago. While some banks have started issuing the old notes, it’s unclear whether compliance is universal because cash is still scarce.
A CBN spokesperson recently said the old notes are now legal tender. Still, the CBN hasn’t issued an official statement, and the federal government has maintained an unusual silence.
Citizen spoke to some Nigerians to hear their thoughts on this issue. Here’s what they had to say.
Elizabeth
“I see the step taken by the CBN to reduce the naira in circulation to conform people to digital money as a welcome development. This is because many transactions and businesses have been bypassing taxes for years. This will help to audit most of their records properly.
“Also, I see it as a means to reduce corruption and undocumented payment. As a citizen and civil servant, it has helped me curb avoidable and unnecessary expenses. It has saved me from billing — the usual ‘drop something’ when you go to offices and other departments.
“I mainly use naira notes for transportation purposes (when I am not driving). It also helped me to review my expenses, especially when I go on market errands.
“Regarding the charges, I use non-traditional bank apps and cards to pay, so instead of paying charges, I earn interest for using their cards to make purchases.
“The CBN governor hasn’t said a thing about it because he is trying to salvage the policy, maybe looking for means and ways to make it work. The Supreme Court has given an order. Based on the verdict, I think the Supreme Court told the FG to return the old notes than telling the CBN. The president’s silence is obviously because he still supports the policy. As far as I’m concerned, I’m 70% ok with the naira scarcity.”
Layi
“Malls are packed because it seems it’s the way people can buy things via e-channels. You’ll find 30-minute queues at Spar and Shoprite. Cards are failing, so you have to transfer and wait. It’s been very time-consuming, which is ironic.
“Regarding the Supreme Court ruling, I’m not a lawyer, but I don’t think the ruling is useful per se. If it’s legal tender, people should accept it. No one will have confidence in the notes if the CBN says nothing.
“Also, the ruling makes it look like the court is in charge of the money supply — which is wrong. As you can see, the CBN can still frustrate the whole ruling by not circulating old notes, not printing more notes etc.
“It’s a cashless policy — that was clear from the start, and it’s another attempt to get Nigerians to dump cash. It wasn’t Buhari’s place to intervene in the matter in the first place but the CBN’s. Perhaps, the faulty implementation made him speak, but it didn’t concern him. If all went well, no one would need his input.
“You don’t call Buhari when banks hold your money, and you rarely call the CBN except you need a firmer hand to put your bank in check. So Buhari doesn’t have to say anything, and the CBN ideally still has control of the legal tender, so what do we do with the ruling? At best, banks accept the notes again, which can solve the problem. I can accept the notes if I know banks would accept them from me.”
“The ruling has changed my purchasing experience. I now use Justrite Store more than I ever had. I only use cash for transport. The CBN won’t say anything till after the elections. They don’t need to since you can only spend the money if they release it. The policy has destroyed volumes of fast-moving consumer goods (FMCG). We are bleeding volumes massively.
“On Buhari, he can’t openly disobey the Supreme Court order, so I expect him to be mute.”
Bolaji
“For me, pardon my language; it’s pure BS. To even collect old notes from the banks is hard. To enter the bank, problem. I have failed POS transactions that they haven’t refunded. When I try to purchase stuff, sellers ask me to put ₦50 or ₦100 as an extra charge. What if what I want to buy is ₦400, and there’s ₦420 in my account? How do I wing it? I have to reduce whatever I want to purchase. It makes no sense.”
Victor
“The primary way this policy has affected me is to reduce my purchasing power. If I want to buy things like Suya or table water which the informal sector of the economy thrives on, I have to think twice because I don’t have an abundance of cash and transfers aren’t reliable. Who wants to wait for a Suya seller to confirm whether a ₦500 transaction has gone through?
“Everyone knows Godwin Emefiele is a yes man. At this point, the CBN doesn’t even have an opinion and is waiting on Buhari. Buhari himself appears confused. I think that’s why the CBN hasn’t said anything yet.
“Do I expect Buhari to speak on this issue? Yes, but not anytime soon because he has a lot on his plate with the controversies surrounding the conduct of the elections. He’s dealing with the transition as he’s tired of the office. The CBN is supposed to say something about it. When? I don’t know, maybe next week. That guy operates on vibes.”
Since the beginning of the year, every day for Nigerians has not been the day the lord made. We have been fuelled purely by chaos.
One of the problems started on October 26, 2022, when the Central Bank of Nigeria (CBN) governor, Godwin “Meffy” Emefiele, announced plans to redesign the ₦200, ₦500 and ₦1000 notes. A month later, the new banknotes were unveiled. Although some people predicted that it might be difficult for Nigerians to adjust to this change, no one could have foreseen the level of discomfort Meffy’s Naira makeover has caused.
What has happened?
Naira scarcity
Nigerians have been dealing with Naira scarcity while racing against CBN deadlines of January 31, 2023, subsequently extended to February 10, 2023.
Despite this, Nigerians have had to take the labours of Hercules to get their hands on the new notes.
Due to the tensions the Naira has created, some states, Kogi, Zamfara, and Kaduna, sued the Federal government at the Supreme Court over the current scarcity of banknotes.
After many complaints, on February 16, 2023, President Bubu tried to channel his inner Superman by approving the use of old ₦200 notes till April 10, 2023. But this has proven to be hardly helpful as statistics show that the old ₦200 notes make up only 9.19 per cent of the currency volume in the last seven years.
Meffy’s reason for the Naira redesign was to fight corruption and inflation, but so far, it seems like Nigerians have had to pay a high price for this. Let’s look at some things the Naira scarcity has cost Nigerians.
Their businesses
Since the Naira scarcity problem started, many traders have had to bear losses, especially those who sell perishable goods because they haven’t had enough customers.
Photo credits: Twitter/The Voice Of Port Harcourt/@TheVoiceOfPHC
Some traders don’t have bank accounts, and others who do and accept transfers have faced network challenges. This situation has forced many of them to slash the prices of their goods, though they might be incurring losses. Some herders complained that a big cow that’d usually be sold for around ₦400k now goes for ₦270k.
Their lives
On February 17, 2023, a 32-year-old woman, who was nine months pregnant, died in a specialist hospital in Kano because her husband didn’t have the new naira notes to pay the hospital on time.
The woman was in labour by the time they arrived at the hospital, and her husband tried to pay the requested ₦8,528 with the old notes but it was rejected. The hospital had no POS machine, and they asked the man to transfer the money instead, which he did. But the cashier had to wait to confirm payment. The medical personnel also refused to proceed with the treatment until the evidence of payment was brought.
The payment wasn’t confirmed until after three hours. The hospital requested an additional fee of ₦4000 for blood service, and the payment also had to be confirmed. This time, the man pleaded with them to proceed with the treatment, and they finally rushed her to the labour room around 1 a.m.. Unfortunately, his wife and child didn’t make it.
Their means of transportation
Many commuters have had to trek or face embarrassment from bus conductors who have refused to collect old notes. It’s 2023, and our train stations still only accept cash as a payment medium. It’s almost like if you can’t pull a miracle to get cash in hand, then the best thing for you would be to stay home or exercise your leg muscles and walk.
No one knows when or if the current wave of suffering in the country will end anytime soon. All we can do is hope that the new administration coming in after the upcoming elections will make our lives easier than it is currently.
Protesters burning an ATM fence in Benin, Edo State [Guardian Newspapers]
Here is how the government responded to this crisis so far:
The Federal High Court order
After the back and forth on a deadline for the expiration of ₦200, ₦500 and ₦1,000 notes, the CBN finally gave an extension. This was from January 31 to February 10.
But despite more time, the redesigned notes were still not available for use, as the February 10 deadline drew nearer. This made Nigerians question if the CBN would give a new deadline extension, or stand their ground.
Four days before the deadline, the answer came in the form of a restraining order from the Federal High Court to the CBN. The restraining order banned CBN and the Federal Government from trying to extend the February 10 deadline any further.
But just when Nigerians were getting used to this verdict, another ‘gbas gbos’ struck from the highest court in Nigeria — the Supreme Court.
The Supreme Court’s controversial judgement
On February 3, three frustrated governors from Kaduna, Kogi and Zamfara states, decided to drag the Federal Government before the Supreme Court. Their request? An injunction barring the CBN’s February 10 deadline on old naira notes as legal tender.
We imagine their faces look a lot like this
The Supreme Court gave a temporary order for CBN to halt the expiration of the old naira notes until the final judgement on February 15. This caused a lot of confusion as to whose order should be obeyed — the Federal High Court or Supreme Court.
But less than 24 hours after the adjournment, President Muhammadu Buhari announced in a nationwide broadcast that the old ₦200 notes should be in circulation beyond February 10, while old N500 and N1000 notes should not be considered as legal tender. This completely disobeys the Supreme Court’s ruling of halting old naira note expiration.
After all, the president is meant to be the boss
But, is this legal? Does the President’s declaration supersede the highest court in the land? Citizen brought back constitutional lawyer, Festus Ogun, to give us context.
“Buhari is exhibiting executive rascality.”
For Festus, Buhari is on the wrong side of the law in regard to his declaration. According to Festus:
“I don’t understand why the President would disobey the highest court in the land. There is a reason why separation of powers exists, and there is nowhere in the constitution where a President’s order supersedes that of the Supreme Court.
He may decide to say that the Supreme Court case is between the Federal Government and the governors, but the Attorney-General of the Federation was called to represent the Federal Government. The Federal Government includes the Presidency, the CBN and all other authorities underneath it. As far as I’m concerned, he too is part of the Supreme Court trial. He has showcased the highest disrespect for the rule of law and exhibited executive rascality.”
But despite the February 16 declaration by Buhari, the naira scarcity continues to get werser with even more protests setting in. Would we hear from the Supreme Court on February 22? Would bringing back the old N200 note improve access to cash in Nigeria?
Since the beginning of the year, every day for Nigerians has not been the day the Lord made. We have been fuelled purely by chaos.
One of the problems started on October 26, 2022, when the Central Bank of Nigeria (CBN) governor, Godwin “Meffy” Emefiele, announced plans to redesign the ₦200, ₦500 and ₦1000 notes. A month later, the new banknotes were unveiled. Although some people predicted that it might be difficult for Nigerians to adjust to this change, no one could have foreseen the level of discomfort Meffy’s Naira makeover has caused.
What has happened?
Naira scarcity
Nigerians have been dealing with Naira scarcity while racing against CBN deadlines of January 31, 2023, subsequently extended to February 10, 2023.
Despite this, Nigerians have had to take the labours of Hercules to get their hands on the new notes.
Due to the tensions the Naira has created, some states, Kogi, Zamfara, and Kaduna, sued the Federal government at the Supreme Court over the current scarcity of banknotes.
After many complaints, on February 16, 2023, President Bubu tried to channel his inner Superman by approving the use of old ₦200 notes till April 10, 2023. But this has proven to be hardly helpful as statistics show that the old ₦200 notes make up only 9.19 per cent of the currency volume in the last seven years.
Meffy’s reason for the Naira redesign was to fight corruption and inflation, but so far, it seems like Nigerians have had to pay a high price for this. Let’s look at some things the Nigerians have lost due to the Naira scarcity.
Their businesses
Since the Naira scarcity problem started, many traders have had to bear losses, especially those who sell perishable goods because they haven’t had enough customers.
Photo credits: Twitter/The Voice Of Port Harcourt/@TheVoiceOfPHC
Some traders don’t have bank accounts, and others who do and accept transfers have faced network challenges. This situation has forced many of them to slash the prices of their goods, though they might be incurring losses. Some herders complained that a big cow that’d usually be sold for around ₦400k now goes for ₦270k.
Their lives
On February 17, 2023, a 32-year-old woman, who was nine months pregnant, died in a specialist hospital in Kano because her husband didn’t have the new naira notes to pay the hospital on time.
The woman was in labour by the time they arrived at the hospital, and her husband tried to pay the requested ₦8,528 with the old notes but it was rejected. The hospital had no POS machine, and they asked the man to transfer the money instead, which he did. But the cashier had to wait to confirm payment. The medical personnel also refused to proceed with the treatment until the evidence of payment was brought.
The payment wasn’t confirmed until after three hours. The hospital requested an additional fee of ₦4000 for blood service, and the payment also had to be confirmed. This time, the man pleaded with them to proceed with the treatment, and they finally rushed her to the labour room around 1 a.m.. Unfortunately, his wife and child didn’t make it.
Their means of transportation
Many commuters have had to trek or face embarrassment from bus conductors who have refused to collect old notes. It’s 2023, and our train stations still only accept cash as a payment medium. It’s almost like if you can’t pull a miracle to get cash in hand, then the best thing for you would be to stay home or exercise your leg muscles and walk.
No one knows when or if the current wave of suffering in the country will end anytime soon. All we can do is hope that the new administration coming in after the upcoming elections will make our lives easier than it is currently.
Nigeria often feels like a simulation. We’re barely two months into the new year, but the government has put us through enough suffering to need years of therapy.
For weeks, Nigerians have been struggling with Naira scarcity due to the CBN’s Naira redesign, affecting ₦200, ₦500, and ₦1,000 notes. In this time, people have explored crazy options to get their hands on the Naira, and POS agents have shown us that cash is power.
[newsletter type=”gov”]
And while the Central Bank of Nigeria (CBN) and the Supreme Court are stuck in a power play over the Naira swap deadline, some commercial banks, exhausted from the smoke they’ve been getting lately, have started issuing Naira coins to customers.
Photo Credit: Twitter/Mayeni Jones(@MayeniJones)
This, of course, brings the important question:
Are coins still a legal tender in Nigeria?
According to the CBN Act Section 2, Naira coins are still Nigeria’s legal tender. Our currency structure is made up of three coin denominations: 50 kobo, ₦1 and ₦2, and eight banknotes denominations: ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000.
Why haven’t the Naira coins been in circulation?
In 2007, the CBN redesigned the ₦1 and 50 kobo coins and issued the ₦2 coins. However, these coins had almost no value due to Nigeria’s ever-present inflation problem.
In March 2022, the House of Representatives asked the CBN to reinforce the use of coins to help stabilise our economy, but nothing came out of it.
However, by the look of things, the Naira coins might be making a return to our currency scene. While coins are legal and Nigerians can spend them, don’t judge filling station attendants when they stone you with your bags of coins.
Politicians, policemen, and lecturers should say “God forbid” at least three times daily because every now and then, they’re the target of curses from many Nigerians. And looking at what has happened in the last couple of days, it seems bank staff should also be part of this list.
Ever since the federal government signed Nigerians up for shege pro-max with the Naira redesign policy, the flaws in our banking system have been exposed for all to see. Many people have had to struggle with bad networks from their banks amidst the naira scarcity, which makes the implementation of the cashless policy seem even more impractical.
However, the bank that seems to be bearing the brunt of Nigerians’ frustrations the most is Zenith. On February 7, 2023, an angry crowd of customers threatened to burn down their Sango-Ota branch in Southwest Nigeria because they felt ignored. Luckily, a man called MC Tush was able to appease the mob. Unfortunately, their other branches didn’t have the same luck as they have been attacked by customers unable to withdraw the new notes from their accounts.
There have been clips on social media of their staff jumping fences to escape mob attacks.
I know a lot of people are Venting about Zenith bank, Please guys, banks go through challenges like every business. The staff of the bank work there for their daily bread, they are not the network providers to the bank. Please don’t go around hurting staff who are just like you pic.twitter.com/EKuczKY27J
Well, Zenith bank finally decided that enough’s enough. And on February 7, 2023, it shut down some of its branches in Abuja and other states around the country. This has frustrated Nigerians, but you can’t complain if there’s no one there to listen to you.
It’d be interesting to see how Zenith bank tries to bounce back when everything’s over.
[newsletter type=”gov”]
What else happened this week?
A 9-Year-Old Nigerian Graduated from an American High School
For the japa enthusiasts, this might give you another reason to leave Nigeria. A nine-year-old boy, David Balogun, who lives in Pennsylvania, America, has become one of the youngest students in the world to graduate from high school. After attending classes remotely, he received his high school diploma from Reach Cyber Charter School. And some employers still foam at the mouth when you mention remote work.
He plans to be an astrophysicist and has completed his first semester at Bucks County Community college. This boy would never have to worry about ASUU strike, and if Nigeria had a system that worked, we’d see that we’re blessed with children who are geniuses like David Balogun.
Video of the week
Governor Nasir El-Rufai @elrufai of Kaduna State keeps ‘dropping it like it’s hot.’ This time, he explains what the 36 state governors have decided to do regarding the current Naira scarcity.
The Supreme Court has temporarily suspended the February 10, 2023, deadline for swapping the Naira notes. Will this aid politicians in vote buying at the forthcoming polls?
Ehen one more thing…
The pressure on INEC is getting “worser”. There are talks of INEC working with MC Oluomo to distribute election items. Here’s the full gist.
As Nigerians, it’s only fair we get a free pass to heaven when we die because we have gone through hell already.
On October 26, 2022, the Central Bank of Nigeria (CBN) announced plans to give our naira a makeover and barely one month later, President Muhammadu Buhari and CBN governor Godwin “Meffy” Emefiele launched the new naira notes like a new bride. Little did we know that this would be the beginning of another story of frustration, anger, and bitterness for many Nigerians.
What happened?
After the new naira launch, the CBN said it’d become the official tender by January 31, 2023, making the old banknotes illegal. But, getting new notes from banks or ATMs proved to be more difficult than finding an honest politician for the following reasons:
CBN’s cashless policy and restrictions on over-the-counter bank withdrawals
It soon became apparent that the January 31 deadline wasn’t feasible. After weeks of pleading with Meffy, the CBN finally agreed to extend the deadline for the exchange of the new banknotes to February 10, 2023. However, it’s four days to the end of the new deadline, and Nigerians have experienced a different dimension of suffering. This time, it’s Naira scarcity.
.
In the past few days, ATMs hardly dispense either new or old cash, and banks haven’t been releasing enough of the new notes to make it circulate naturally. Thus, POS operators now demand unreasonably high charges for cash withdrawals. People who refuse to pay these charges have resorted to using any means possible to get their money from banks.
And we can’t deny that some of their methods, albeit strange, have worked well. So here are five easy ways that might help you get your hands on the new banknotes.
Do vigils at ATM galleries
Have you ever heard the saying: “sleep is for the weak”.? As you might already know, these days, people spend their day at banks or in front of ATMs waiting for their turn to make a withdrawal. But chances are you’ll get half of what you want when you get to the counter, or the ATM will run out of money when it gets to your turn.
So, instead of facing this disappointment, think one step ahead and wait till 2–3 a.m. when money will be loaded into the machines. Just remember to take a blanket so you won’t use the money to treat malaria.
Fight
We’ve all probably learnt by now that nothing good comes easy in this country. On February 3, 2023, a video broke on the internet of bank customers fighting inside a banking hall because of the new banknotes.
If you’re smart about it, this is another way to quickly get your hands on the new naira. Just go to the bank prepared, look for someone you think won’t knock you unconscious with a punch and pick a fight.
If you do it properly and cause enough disruption, the bank officials will probably attend to you quickly to let you go with your wahala. The downside is that it might not work, and you may be thrown out of the bank.
Make friends with officials in your church or mosque
This period has shown us the importance of making friends with the right people. Regardless of the country’s situation, many people still have cash to give as offerings. So, for those with usher friends, you can transfer the amount you want to the church or mosque’s account and collect the cash equivalent.
Go naked
In the past week, we’ve seen people use underhand tactics to get their money from banks, but the most shocking ones so far are those who choose to strip themselves. However, desperate times call for desperate measures, and this is one of the few times where Nigeria’s conservative nature can work in your favour.
So, there is a high chance that before you completely strip yourself naked, the bank’s management would step in to listen to your demands.
Go to a betting shop
Again, it’s important to make friends with people in the right places, and right now, POS operators, fuel attendants, ushers and betting agents should be your best friends. Why? They have access to cash. If you’re lucky enough to know a betting agent and can appeal to their better nature, you can kiss the naira scarcity problem goodbye.
Still, it’s beyond silly that the federal government’s putting citizens in such a difficult situation. And it won’t be long before the protests in Ibadan replicate in other states.
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