Rotten, Diseased Naira: CBN Incites Bank, Customer Chaos



The directive by the Central Bank of Nigeria to customers to reject prevailing rotten, diseased Naira currency recirculated by commercial, money deposit banks is clear prescription for chaos if heeded.

No new bank notes have been in general circulation in the past 20 years, leading to recirculating diseased currencies, except the ones traded at premium of 20 percent for social party spraying wasters,

Isaac Okoroafor CBN spokesperson said a few days ago that CBN had reduced its rotten notes sorting charge from N12,000 to N1,000 per box, a duty performed free by CBN 15 years ago before greed overcame it and commercial banks declined in protest to pay the imposed charge, leading to recirculating of choleric currencies.

Sadly, CBN greed led to its officials recirculating diseased notes marked for burning.

Two years ago, in one of several instances, some CBN top officials were charged in court for conspiring with commercial banks to recirculate N12 billion that should have been burned.

For such heinous crime, the culprits were given option of fine, and light sentence.

Is this CBN dereliction of legal duty to maintain legal tender bank notes not responsible for transaction fight in marketplaces between traders and customers who reject bartered notes as not legal tender?

Indeed, CBN appears as a matter of policy to continue to profit from this unsound policy of abdication of responsibility to circulate legal tender notes to the detriment of socioeconomic order.

Really, CBN has refused to print Mint notes, despite having two Mints in Lagos and Abuja, preferring to print few currencies abroad at exhobitant cost, where it makes illicit gains, for which the CEO of the Mintv in Abuja facing trial abroad for receiving bribes over an inflated polymer Naira contract from a foreign firm.

Despite CBN making humongous profits from commercial banks, is it not wicked to recirculate tattered and diseased currencies? Since this aberration got worse with PDP rotten administration in 1999 must it continue with a failed change APC?

Is the CBN now a profit-making organization to satiate it’s unpatriotic officials because of No Government In Power, and yet ask for oil money annual budget for which no accountability is rendered to the citizens?