I understand the Central Bank of Nigeria
(CBN) has obeyed the rulings of the Supreme Court on the use of the old N1, 000, N500
and N200 banknote denominations. This
ought to be good news but unfortunately it is coming at the wrong time.
Within the period of this cash scarcity,
most businesses have folded up, lives have been lost, property have been destroyed,
pregnant women have had miscarriages due to stress of looking for cash, and Nigerians
in general have spent billions of Naira to buy the Naira just to survive. The
list is endless.
On the basis of the second paragraph, I am
calling on relevant human rights groups to please sue CBN. They should be
forced to compensate bank account holding Nigerians for all that they have gone
through and are still going through. To be joined in the suit includes the Nigeria
Deposit Insurance Corporation (NDIC), the Federal Government of Nigeria (FGN),
the Securities and Exchange Commission (SEC), as well as Deposit Money Banks
(DMBs).
Meanwhile, Nigeria is not yet ready for
a 100% cashless policy. I know how much I have lost in recent weeks as a result
of failed Point of Sale (PoS) and mobile banking transactions.
Ubong Mkpesit is a Business Journalist. He writes from Nigeria’s North Central region.
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