This couldn’t be his idea of a cashless policy or even a Naira redesign variant that will take cash away from the people and make them nocturnal denizens of banks that ordinarily should operate in the day time. This couldn’t be anybody’s good idea. To go to the banks and see desperation in the eyes of a people that could literally ignite a fire.
Both Buhari and Emefiele were sure that the policies would bring sanity to the money sector; cut waste and corruption, curb insecurity, banditry and ransom taking, knock down inflation which still enjoys runaway status, check the propensity to move about with large volumes of cash, and even do unsavoury deals, and even more immediate, check the ability of the politicians to buy votes in the ongoing elections.
When I left the bank that fateful day, I decided to seek answers from those who should know. I called the telecoms regulator and a couple of operators to throw light into my dark tunnel of ignorance. What really is happening in the banking sector? Why are services comatose? The operators said their networks are robust and ready for whatever load that may come on the networks, but the same cannot be said of the banks. The fact that subscribers are still able to enjoy their internet connections, send messages and make WhatsApp and FaceTime calls without glitches means that the networks are strong enough for whatever services that may come their way. But not so for the banks.
I am told that Japa is a Yoruba word that means taking a flight for greener pastures. Although there was a steady growth of the number of professionals leaving Nigeria for greener pastures abroad, the situation became rampant under the Buhari administration when droves of doctors and IT specialists ran away from the country to offer their services where they would be best appreciated and paid for.
Although there is an insipid development, of the Central Bank conceding to the banks to accept old notes after weeks of trampling on a Supreme Court judgement, the damage seems to have been done irretrievably. The banks have lost the trust of their customers; and their situation grows precarious when there is every reason to believe that the CBN will pursue its cashless policy to an unreasonable end.
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