Several states in Nigeria, including Kano, Sokoto, and Edo, are grappling with a renewed bout of Naira scarcity. The situation has left residents and businesses in a state of anxiety, harkening back to an earlier episode of currency-related issues linked to the controversial Naira recoloring campaign initiated by the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The scarcity has led to long queues at banks and ATMs, with frustrated individuals expressing their displeasure over the inconvenience caused by the shortage of the national currency. Local businesses are also feeling the impact, struggling to conduct transactions and maintain smooth operations.
The roots of the current scarcity can be traced back to the Naira recoloring campaign introduced earlier this year by Godwin Emefiele, a move that was met with mixed reactions. The campaign aimed at redesigning and reintroducing new denominations of the Naira, purportedly to enhance security features and curb counterfeiting. However, the process faced numerous challenges, including logistical issues and resistance from various quarters.
Critics argue that the implementation of the Naira recoloring campaign was poorly executed and lacked proper planning, leading to disruptions in the supply and circulation of the currency. As a result, the economy faced a temporary setback, and the repercussions are now being felt in the form of the fresh Naira scarcity affecting multiple states.
The CBN has assured Nigerians that the bank has adequate reserve of the naira and that Nigerians should not panic.
Local authorities in affected states are collaborating with the CBN to mitigate the impact of the scarcity on residents and businesses. The situation underscores the need for careful consideration and planning in the implementation of currency-related initiatives to prevent disruptions to the economy and safeguard the financial well-being of the nation.
Source: The Punch