Deadline For Old Naira Notes In Circulation: KACRAN laments difficulties in accessing banking services, wants extension by 11 months

National president of KACRAN, Honourable Khalil Mohd Bello.

Deadline For Old Naira Notes In Circulation: KACRAN laments difficulties in accessing banking services, wants extension by 11 months

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has lamented the challenges faced by herders in the rural areas trying to deposit old naira notes.

The group also urged the federal government to address the fraud allegations against the Central Bank Governor, Godwin Emiefele, and extend the dateline of depositing old naira notes to December 2023.

The association made the call in a statement signed by the National President, Honourable Khalil Mohd Bello.

Bello said the extension is necessary as many Nigerians have been plunged into difficulties trying to deposit old naira notes and meet up with the 31st January dateline.

READ ALSO: Deadline For Old Naira Notes: Gov. Buni says 13 LGAs can’t access banking services, demands alternative means for Yobe

The statement reads, “The Governor of CBN has painfully plunged Nigerians and our financial system into unnecessary tribulations and confusion with the re-designing of the naira notes and the introduction of new ones.

“The inability or failure of CBN to adequately provide sufficient naira notes for circulation has been a cause of concern for KACRAN, because this has unleashed untold hardship on numerous Nigerians particularly the rural dwellers and our pastoralists.

“With only a few days left before the total abandonment of the old currencies, many of our members who abandoned their livestock in order to change the old currency are suffering unimaginable inconveniences and financial losses.

“And because of the shortfall of the new currency in circulation all over the country including Abuja, citizens’ purchasing power has drastically reduced, payments for medical, legal and other emergency financial transactions are hampered, resulting in untold hardship on the people.

“It is embarrassing that the governor of CBN single-handedly hatched and implemented this controversial and unpopular programme to the ridicule of the Minister of Finance.

“It is also unfortunate that the CBN governor hurriedly implemented this programme without making adequate provision for the new currency notes to be sufficiently given to the banks and other financial institutions, including POS centres for issuance to their customers in exchange for the old notes.

“He has completely forgotten that Nigeria is operating a democratic system of government where people’s views or opinions must be heard and utilised before executing government policies.

“The governor deliberately refused to heed all the calls and passionate appeals made by Nigerians for the extension of the period for acceptance of the old currency.

His stand to stop collecting the old notes by 31 January 2023, has seriously terrified Nigerians and sent a bad signal to our poor herders and traders who are living in the bushes and in the remote areas of the country.

“KACRAN states with great concern that apart from exposing our people to unnecessary hunger and fear of impoverishment due to the said unplanned naira redesignation and effective withdrawal of old currency, many Nigerians abandoned their businesses and move to cities to change their old currencies in banks before the date line.

“It is also absurd that the Central bank Governor failed to apply the principles of currency change management before introducing this new policy across the country. Because there was no sensitisation of the public, no awareness was created and the people were not educated on the need for the change etc.

“The none appearance of the Central Bank Governor before our esteemed Honourable members of the National Assembly on different occasions for clarification on the said issue, which raised dust and high tension in the country and set bad precedence to other top government’s functionaries to disrespect our lawmakers is another reason why the Governor of the Central Bank might be relieved of his duty.

“Most Nigerians are not comfortable with his financial policies, and as a result, they no longer repose trust in him which is why he ought to be sacked from his position

“In view of the above reasons, we members of Kulen Allah Cattle Rearers Association of Nigeria (KACRAN), as peace-loving Nigerians will be the most affected or victims of the non-extension of old currency withdrawal, amongst all Nigerians.

“This is due to the nature of our pastoral occupation that can only be operated in the bushes or rural areas where banks or POS are not available.

“We passionately call on Mr President to kindly remove the central bank governor, extend the old currency withdrawal to the end of December 2023 and replace him with a competent person who will be able to run the Central Bank and executes good programmes successfully,” the statement said.

It would be recalled that the Central Bank of Nigeria redesigned the N200, N500, and N1,000 naira notes which were unveiled by President Muhammadu Buhari on 23 November 2022.

There has been outrage about the scarcity of the new naira notes in circulation and the difficulties to access banking services by rural dwellers trying to meet the 31 January dateline when old notes will cease to be legal tenders.


Please enter your comment!
Please enter your name here