Buhari and the albatross of vote buying

Nigeria and Nigerians suddenly woke up to the new reality of “no cash” syndrome. The Central Bank of Nigeria’s (CBN) Naira redesign policy that was meant to help the economy is terribly hurting the same economy that it was meant to save.

The Naira redesign was over-hyped; Nigerians thought that was a great idea only to be disappointed finding out that it was simply a colour change; adding blue and red colour, looking more like colour photocopy of the old notes.

That “colouring” aside, Nigerians suddenly realised after the expiration of the period for deposit of the old notes for the new ones on the 31st of January, 2023, that the new notes were not readily available. It became worse even after the extension of the date. The new notes were simply not available. Banks claim not to have them, supermarkets, Point of Sale (PoS) operators do not have the new notes as well. Those PoS who had them were hoarding and the scarcity began.

Naira simply became essential commodity. People now have to spend Naira buying Naira. Both the new and old notes became scarce and unavailable. The bank could only pay N5,000 Naira in N50 denomination. Some even claim to have been paid with N5, N10 or N20 and the maximum you can collect is N5,000 irrelevant of who you are.

The non-availability of both new and old notes has turned out a thriving business for PoS operators as charges on withdrawal suddenly jumped up from N100 per N5,000 to N500, N200 per N10,000 to N1,000 or N1,500 depending on who you transact with or where you transact at.

Queues at ATM points also reached an alarming rate with people having to pick number as long as 200 or more. Meanwhile the ATM won’t pay more than N20,000. There are videos of people who have become frustrated in the banking halls collapsing and dying. Some stripped themselves naked just to get the attention of bank officials.

Bank officials claim there was no cash in their coffers in spite of evidence (videos and pictures) online to attest to availability of cash at such banks. Bank officials were seen jumping fence to escape being lynched by irate youths who have besieged the banks for cash.

Some banks and ATMs have been broken into in search of cash or crass vent of frustration. Some banks were set ablaze; CBN Benin was almost broken into yesterday, 15th February, 2023 if not for the intervention of the police personnel attached to the bank. Drums of anarchy are being heard across the land, we can only pray that it won’t escalate.

Federal Government and the Politics of Naira Redesign

Feelers from the streets reveal that government’s Naira redesign policy comes with political undertone. Some claims that the policy was targeted at a particular presidential candidate from the southwest. How so, considering the claim of massive movement of money via bullion van to the premises of the said presidential candidate days before 2019 general elections even as he wasn’t running for office at the time?

Another feeler is that, the policy was targeted at stopping vote buying and money-induced election rigging. No matter which way we see this policy, it comes with a bad taste partly because it is coming in an election year. Such policy could have been embarked upon long before the nation came into election year.

Government policy, no matter how good or good intentioned it is, must be wholistic and timely; the timing must not be seen as if it is meant to “fight” a section of people. The bad news is that, even if it was targeted at corrupt politicians or people who had stock the old Naira notes at home thereby stiffening the circulation, it is causing untold hardship to the masses who need the money to live daily lives.

One of the purposes of the policy was to mop up Naira in and out of circulation (that is put pressure on money kept at home by corrupt people) but it has ended “cleaning” all from circulation. This has made that policy of none effect or a complete ruse.

Vote Rigging and Vote Buying

The worst of my fears has come true, what I’ve dreaded most has happened. Job 325 (MSG)

With the new reality of lack of cash both old and new, the FG may have played into the hands of vote buyer and riggers because people who are in dire need of cash would collect from anyone who presents it before or during elections. A hungry man doesn’t care who brings the food as long as it meets his need to satisfy hunger pang.

If truly the cash is in the hands of corrupt politicians and people who have access to huge cash, then, the simple truth is that such cash would flood the streets during elections.

This may have helped the candidate(s) government is trying to fight or the corruption government is trying effortlessly and fruitlessly fight.

 

These questions come to mind

 

1. What if these corrupt politicians do not have the loot in Naira?
2. What if their old notes have found ways back into the banks under CBN’s watch or watchful eyes?

iii. What if bank officials have connived with corrupt people to hoard the cash for the sole purpose of vote buying and rigging?

1. What if people are going to vote based on money inducement?
2. What if the elections would be won by the highest “spender” or bidder?
3. Are we sure that the die-hard supporters would not sell their allegiance for money?

It’s obvious that people are hungry, there is pervasive lack of cash, and businesses are being affected or closed down because of lack of cash even as they have money in their bank accounts.

Government should do its due diligence to address the issue of pseudo cashless to avoid anarchy, voter apathy and outright breakdown of law and order.

My One Kobo

My one Kobo counsel to the government is that they should abide by the Supreme Court order and also the Council of State’s directive to make either the old and new Naira note available or where the new ones are not enough, CBN should recirculate the old ones.

If this isn’t done, then anarchy and vote buying will be the order of the day.

 

Immanuel O. Adeyomoye

National Wire, Abuja.

@IAdeyomoye