New Naira Notes: CSOs Protests At Lagos Banks Over Non-compliance With CBN Policy 

A civil society organisation under the auspices of Coalition of Civil Society Organizations for Good Governance, (CCSGG) on Tuesday protested and grounded financial activities in bank headquarters across Lagos State over non-compliance with the Central Bank of Nigeria (CBN) new Naira notes policy.

The CSOs led by the president, CCSGG, Etuk Williams Bassey, expressed displeasure with the attitude of banks to the Central Bank of Nigeria, CBN, new Naira notes guidelines.

Bassey said they decided to take it upon themselves to support the CBN to ensure banks comply with the directive from the Apex Bank.

He also the protest is a demonstration of their unalloyed solidarity with the CBN governor Godwin Emefiele and President Muhammadu Buhari on the new currency note policy that has come to stay.

He also asserted that the coalition has seen and identified saboteurs working against the policy since the time of the introduction of the new naira notes “via several collaborative efforts to derail the entire process.”

He said: “We gathered here today to show our unalloyed solidarity to the CBN Governor and President Buhari on the new currency note policy that has come to stay.

“From the time of the introduction of the new naira notes we have seen saboteurs working against the policy via several collaborative efforts to derail the entire process.

“We are grateful for the unreversed position taken by the CBN governor with support from Mr. President on the policy. It is on record that the last time we embarked on such policy was 19 years ago, and it can only be made possible with a determined leader as exemplified in the Governor of CBN with full support from Mr. President.”

He said they will monitor the independent activities of the banks to ensure that they comply with the CBN guidelines.

He said, “The initial deadline of 31st of January 2023 for deposits of the old currency and exchange for new notes have been severally attacked and sabotaged by several classes of people having illegitimate lump sums at home.

“The change of currency as done by CBN will no doubt improve the monetary policies of the Bank aimed at tackling inflation and stabilizing the economy.

“While the generality of the people embraced the policy, we are shocked to note our ruling class and a section of the country opposing it and fighting it shamelessly without an iota of patriotism for the country. Of note is the sabotage role played by some of the commercial banks. Hoarding of the new naira notes is now a norm for corrupt bankers and their allies.

“Just last week, the coalition of civil society groups held sensitization rallies in all the states as part of our advocacy programs where-in we gathered that despite efforts made by CBN to make the new currency available, the banks are diverting it to preferred customers at the expense of the masses that want to comply with the currency swap regime.

“As visits to banks revealed that no new naira notes, neither is it available at their ATM machines.”

However, he commended the governor of CBN over the extension of the deadline to February 10, 2023.

“We gathered here today to thus appreciate the human nature of the CBN governor by alluding to extension of the currency swap period for another ten days.

“This we applaud and deeply appreciate as it will give more windows for the law abiding citizen to comply as well as make the circulation more pronounced.

“We hereby use this medium to send strong warning to the banks whose aim is to further connive with enemies of the state to sabotage this great window given for masses to do the needful,” he said.

Meanwhile, he said the coalition would not relent to ensure that the banks comply with the directive of the CBN.

“As the conscience of the society, we rise to warn those involved in the sabotage effort to desist and join hands in ensuring that the extension given will be well utilized”, he said.

He also warned that they, “will not hesitate to shut down any bank henceforth fingered in this sabotage process.”

He also called on Nigerians to take advantage of the extension and go out to swap their old Naira notes.

“This is also to call on all Nigerians to take the opportunity of the new extension dates given for the swap of old currency notes for new ones via commercial banks and appointed agents across the country especially rural areas where we don’t have commercial bank activities”, he said.

He also maintained that they “will continue to support good initiatives of the CBN and we urge Nigerians to join us in ensuring that the new currency policy succeeds for sake of our economy.”