The Governor, Central Bank of Nigeria, CBN, Godwin Emefiele has begged Nigerians to show understanding over the shortage of the new naira notes, adding that the apex bank is working with banks address supply hiccups causing the shortage.
Making this appeal while addressing the.oress after a short meeting with Chief Executives of banks over the continued scarcity of the redesigned naira notes, Emefiele said: “We do see that there will be some transient or temporary pains. But I will appeal, we are begging, we are on our knees begging people to please show understanding they should be calm.
“In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I’m sure some people will say is old fashioned. “But at this time that we’re trying to get the currency to circulate there should be a queuing arrangement and please be patient. The assurance we give is that it would eventually go around.
“Eventually, the limits would be raised and the limits would be removed and people would be able to conduct their exchanges and businesses in the way it has always been in the past.
“We are appealing. Please we understand the pain. I’ve received several calls myself. Some members of my family themselves have complained. They will all have to just please show some understanding. It does not mean that when you queue and it does get to you, you do not begin to descend to wanton destruction of bank properties.
“At this time that we’re facing this temporary and transient situation, we crave everybody’s understanding. Please be calm. We are monitoring all institutions on 24/7 both cash channels and electronic channels. “I’m appealing in God’s name that please let’s be calm, let’s take things easy.
The CBN reiterates the availability of an appropriate amount of currency (redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10 and N5 denominations) to support economic activities.
“The Bank is collaborating with entire financial ecosystem DMBs, OFIs, MMOs, Super Agents, MFBs Payment System Providers and EFCC, ICPC and other law enforcement to ensure that Nigerians have a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash. We are mindful of the challenges some citizens have faced and are addressing them. There have been reports of occasional failures in e – channel platforms.
“Our monitoring suggests that whilst there has been an expected surge in electronic transactions, these have not risen to unprecedented levels and the payment system is well equipped to handle even higher transaction volumes. Whilst transaction failures are bound to occasionally occur, the public is encouraged to have full confidence in Nigeria’s globally recognised payment system infrastructure. Banks have also been instructed to ensure 24/7 service availability and promptly address any customer refunds arising from such service failures.
“We call on all Nigerians to be calm, law abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance. As with all far reaching consequential policies, there is an transition period during which short term hiccups will be inevitably experienced but eventually overcome.
“The CBN is committed to ensuring a seamless, inclusive and equitable implementation of this exercise for the overall benefit of the people, financial system and Nigerian economy as a whole.
