A prolonged implementation period will give the CBN time to be adequately prepared, provide the necessary infrastructure and give individuals and businesses time to adjust to the changes. This will help to ensure a smooth transition and make everybody participate in the formal economy.
A leader who is truly committed to the general good should be willing to admit mistakes and reverse their decisions when and where necessary.
A leader should be humble and open-minded enough to acknowledge that things can change and sometimes a different approach is needed. A leader demonstrates strong character and shows genuine commitment to the well-being of those he leads.
He should go a step further to apologise; this shows accountability and a willingness to take responsibility for one’s actions, which can increase trust and respect among the people. A leader who is willing to change their stance for the greater good is a true leader
A responsible leader should be willing to acknowledge any negative consequences of their policies and make changes as needed to mitigate them. The goal should always be to implement policies that are in the best interests of the public and minimize any harm or discomfort they may cause
This recent cash swap policy, despite being well thought out (and a good policy I must add), is causing a lot of pain to Nigerians and it must be re-evaluated and revised. This Agidi from Mr President won’t cut it. First it was Ibadan and more recently Abeokuta-the people are beginning to vent their anger. The President needs to act fast before the protests spread nationwide and puts us in a state of anarchy.
Introducing new naira notes is a complex process that requires careful planning and coordination between multiple government agencies and the private sector. The manner at which the CBN has gone to implement this policy shows only one thing; that the CBN was ill prepared! I don’t think the CBN employed a comprehensive and holistic approach in the policy’s implementation. I am not sure there was enough input from relevant stakeholders to ensure this policy is effective and equitable.
Truth is, Nigeria is a country with a large informal structure and the timing of a cash swap policy such as this will always have a significant impact on the economy albeit negative. Heck, most transactions conducted in this country are done in cash (I stand to be corrected) and a sudden disruption to this system will affect the functioning of the informal sector.
The timing of policies such as this should always be carefully considered and prolonged if necessary.
A prolonged implementation period will give the CBN time to be adequately prepared, provide the necessary infrastructure and give individuals and businesses time to adjust to the changes. This will help to ensure a smooth transition and make everybody participate in the formal economy.
Granted, it is important to balance the need for a gradual implementation with the need for swift action to address underlying problems this policy is meant to address like money laundering, tax evasion, counterfeiting et al, but it should not be at the expense of the people’s (social) livelihood. I leave it to the government to figure out a multi-pronged approach to strike a balance that will not be detrimental to the survival of Nigerians.
Can the old and new cash exist simultaneously until the CBN gets its policy implementation right? Can the CBN significantly extend the deadline for old notes till it gets its acts together? Where are the lower denominations of cash or were they recoloured too? Does the CBN need to educate the masses more so they can understand this policy and its importance (to manage expectations)? How can some states have just 2 local governments with bank branches? Should there be a collaboration with financial institutions to ensure banking services like ATM and POS are available in much more locations pan Nigeria? Does the CBN have to be told that increasing the supply of cash will likely help alleviate some of the difficulties people are facing?
President Buhari needs to stop playing the ostrich and stop acting like all is well, because they are not! Nigerians just want access to their cash! That is not too much to ask for! Period!
Chiechefulam Ikebuiro