TheCable

The Arewa Consultative Forum (ACF) and the Arewa Youths for Development and National Unity (AYDNU) have called on the Central Bank of Nigeria (CBN) to extend the January 31 deadline for the validity of old naira notes.

The CBN had, on Tuesday, insisted that it would not extend the deadline.

The ACF, in a statement issued on Saturday by Murtala Aliyu, secretary-general of the forum, expressed concern that citizens, especially those in the north, may lose money if the deadline is not extended.

“As the deadline for the exchange expires this coming Tuesday, we are afraid that majority of our people in the rural areas are unable to change their old currencies for the new ones. This is because even in the urban centres, the new notes are scarce,” the statement reads. 

“Also, where the CBN made some arrangements to facilitate such, the exercise is being challenged by numerous factors, such as lack of adequate access to bank services on the part of the people, cumbersome exchange procedure, etc. 

“This has subjected innocent people to hardships, uncertainty and anxiety. 

“We are of the strong belief that ordinary people, especially in the North, will lose their hard-earned money through no fault of theirs. 

“Government must be sensitive to the plight of the citizens to safeguard their interests in all areas. 

“Insinuations by some political actors that the exercise is designed deliberately to fail, or cause chaos to sabotage the ongoing democratic process should not be allowed to be proven.”

The forum also called on President Muhammadu Buhari and the CBN “to, as a matter of urgency, extend the expiration date of the exercise and improve on the arrangements so as to accommodate everyone with genuine cases”.

 On its part, the AYDNU said the three-month window given for the currency swap was insufficient.

Speaking on Saturday at a media briefing held at the Arewa House in Kaduna, Isa Mohammed, spokesperson of the group, said the majority of northern rural communities operating would be adversely affected if the deadline was not extended. 

“We wish to state upfront that we are not against the policy of changing the nation’s currencies, but against the unrealistic deadline of January 31st, 2023 — just three short days away,” he said. 

“We were worried at the beginning that the three months window given for the currency swap was insufficient even if all the variables necessary for a smooth currency change remain constant.

“Our nation, sadly, suffers a considerable deficit in banking infrastructure. As a result, there is a large population of fellow compatriots in the north and especially in rural areas operating outside the banking system, who are likely to be broken by this harsh unrealistic and unworkable policy.

“As we speak, this particular class of citizens who daily conduct their businesses in cash in the countryside and rural markets, are going through a grueling experience, waiting hours on end to bank their cash. 

“In the rare chance they bank their cash, their nightmare begins all over again, for, accessing the new notes is another uphill task exacting the same degree of difficulty as in saving their money.”

The group appealed to the CBN to reconsider its position on the deadline to ensure that “ordinary Nigerians” do not suffer losses. 

Meanwhile, TheCable had reported that the apex bank launched a cash swap programme to enable those in rural areas to exchange their old notes with new ones before the deadline.