The trending CBN two-tier monetary policy of new Naira notes and cashless policy (with cash withdrawal limits) is arguably a singular progressive tool to rid the society of public funds mismanagement, curtail bad governance and curb society insecurity.

The Circulation of Government Money and Public Funds in the direction for enrichment of selves, cronies and caucuses is largely by cash movement to avoid reproducible evidences for prosecution.
Similarly, widely-common (‘settlements’) financial inducements and gratifications to compromise the supervisory regulations, checks and balances in public and private sectors are allegedly done largely by cash for the governmental supervisors/regulators operating within the Executive, Legislative and Judiciary, along with the relevant Ministries, Department and Agencies.
The proceeds from crimes of armed robbery, kidnapping, banditry, etc. are distributed in cash. Also the procurement of arms, weapons, feeding and other welfare for the criminals and their captives is uncontrollably done in cash.
Suggestively, both arms of the policy would ensure the following:
- That the public funds are available to be goodly used for public common good such as social amenities and services (power, health, education, housing, legal system, water and sanitation, food and agriculture, information and ICT, sports and entertainment, etc.), security, infrastructure and transport, industrialization, and so on.
- That the needed monitoring and supervision over government’s provision of the public common goods in line with due processes, masses’ (society) activities and compliance with rule-of-law by ALL CITIZENS are uncompromised, reliable and effective.
- That the decisive enforcement of the rule-of-law by law-enforcement organs is professional with impartiality/fairness, firmness and justice.
- That the financial attraction to crimes are eliminated thereby resulting in crime reduction.
The implementation of the new CBN policy has come with unexplainable scarcity of new Naira notes causing terrible hardship to citizens.
This was reiterated by the Vice President, Prof Yemi Osibanjo during his meeting with players in the financial technology (FinTech) on Friday, 3rd Feb, 2023.
There is frustrating lack of petty cash needed to pay for transport (take ‘drop or along’ or use a Keke NAPEP), food stuff on the road, in the markets or canteens, give school children money daily for lunch or even for buying recharge cards.
It is all sheer lack of Rule-of-Law and/or Sabotage, probably by those who benefit from the old unprogressively backward regime!
The CBN has declared, through different media, that it has printed large if not adequate quantity of new Naira notes, and has distributed same to the commercial banks. CBN furthermore directed banks to disburse the new notes through the ATMs and over-the-counterd in banks in line with the newly-set withdrawal limits.
The new Naira notes are dreadfully scarce as if we are in war times, but mysteriously found in the hands of terrorists shown in the recently circulated online video.
The new Naira notes are also allegedly found in the hands of money bags (affluent and influential persons) gotten at an outrageously highest-bidder-cost of 20 – 30% charges.
CBN and Presidency should apply Rule-of-Law to check, correct and curb this avoidable wildly and widely emerging societal disruption.
The CBN and Presidency should SIMPLY but IMMEDIATELY call the banks out to account for the new Naira notes given to them (banks), if CBN truly supplied new Naira notes to the banks, (audit of distribution and management of Naira notes).
Is it that the ‘soldiers’ (banks) are out of control of the ‘general’ (Presidency & CBN along with Security Agencies)?
It is not possible except if the general is incompetent (which has not been admitted to yet by the authorities) or insincere with the directives (complicit with the non-compliance).
Even the closely related problem of increasing failures in online or digital funds transfers and transactions is traceable to the questionable roles of the ‘general’ and ‘soldiers’ in the financial sector.
For the United Nations (UN) system, “the rule of law is a principle of governance in which all persons, institutions and entities, public and private, including the State itself, are accountable to laws that are publicly promulgated, equally enforced and independently adjudicated, and which are consistent with international human rights norms and standards.”
In simple terms, the rule of law holds that laws (and not men) rule.
The Rule-of-Law entails:
- Making of laws / directives
- Enlightenment on laws
- Implementation of laws
- Enforcement of compliance
- Monitoring and Evaluation of compliance
- Ultimately, Non-tolerance and Stiff Sanctioning for non-compliance
It’s said, “After all, what does it mean to be a law if violation is permitted?” Obedience to the rules is recognized as crucial to continued public order.
By the way, one should not be insensitive to the reality of yet-to-be achieved unlimited financial inclusion of informal sector players and the citizens in the rural areas and hinterlands.
World Bank stated, “Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.” It is confirmed to reduce extreme poverty and boost shared prosperity.
By this trending CBN policy, the concerned citizens will be compelled to adopt and adapt to modern banking services along with digital financial transactions.
The resulting set of difficulties/challenges has life-span and can’t be long-lasting, and is a far lesser ‘harm’ if it is indeed a harm; compared to the perpetual continuously deepening lack of public common goods for survival (like health care, education, security, housing, etc.), which the policy promised to correct.
The ‘set of troubles’ of financial inclusion processes is very temporary and progressively rewarding as it would key into the new progressive policy which arguably guarantees better society with dividends of good governance.
It’s almost like the hopeful toil in planting of the crops that yeilds bountiful harvest.
Similar stories surround the scarcity of fuel.
The Presidency and NNPCL who is the sole importer of fuel (‘general’ in petroleum sector) have in different media declared that there is significant if not enough quantity of imported fuel which are usually distributed through licenced petroleum product marketers (‘soldiers’). Here exists lasting breeze of some childish allegations bordering on sabotaged/fraudulent diversion of the products within the country and across the borders, as if the products that are moved in heavy duty trucks are like tiny bottles or ampoules of perfume oil.
Fuel lacks squarely in the filling stations, but nonsensically abundant in booming black market displays that litter the roadsides.
Please, come on! The Presidency, CBN, NNPCL and Security Agencies, you have the needed constitutional authority, capacity and ability to do better than the present narratives of new Naira notes and fuel scarcity, if you are not part of or partaking from the problems you are claiming to solve.
The frustration of the masses is tensely increasing by the seconds!
The society disruptive impulses appear to be building up by the moments!
Let the prompt appropriate actions be taken NOW without further jokes of blame-games and the deeds be seen to be done!
Dr Charles Uzodimma