Shortage of new tickets – THE Nigeria decided to set up its central bank digital currency despite the clear signs of discontent among its people. Abuja authorities continue to move towards the new eNaira by forced march, more or less following the initial schedule. At the same time as the digitization of monetary exchanges, the government had also planned a renewal banknotes at the start of the year, but the least we can say is that the operation is not going very well. Between shortage of cash and overheating of the system, the economy seizes up.
A central bank digital currency that is not unanimous
Godwin Emefiele is the Governor of the Central Bank of Nigeria and he is championing the idea of a Central Bank Digital Currency (MNBC):
“The goal of MNBC is to ensure that more people in this country are financially included. A lot has happened in terms of the evolution of money from commodity to metal to paper to plastic and now we’re talking digital. And so, we have to keep pace with the changing world. »
The initial idea was basically to fight againstinflation and to simplify payment systems in order to promote financial inclusion in the country. We could summarize this by bankarizing the unbanked. In the end, it is rather the opposite that is happening and the opponents of the project are ironic by saying that the eNaira debanks the banked!
A replacement of banknotes with unfortunate consequences for the population
In order to encourage its population to use this new MNBCthe authorities have even introduced restrictions In cash withdrawals from the bank at the end of last year. This decision did not have the desired effect and instead made the situation worse. But what currently annoys the inhabitants of the most populous country in Africa is this story of ticket replacement.
Initially, everyone had to change their tickets from 200, 500 And 1,000 nairas before January 31. Then on February 13, they were no longer to be legal tender. But in front of the outcry and the mass of money in circulation to be recovered, 10 additional days were added. But not sure that they are enough to catch up with the problems created in such a short time!
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Money that costs more than its value
Journalists on site and Internet users report scenes surreal. The new ones currency signs are so lacking that the informal economy is seized up and the entire country is running in slow motion.
THE tails lie ahead of the country’s banks, which are struggling to meet demand. Worse, the exchange rate explodes between the old and the new naira. A resident says he paid 3,000 naira to buy 20,000. On the spot, there are problems buying food from people who have money in their bank account, but cannot withdraw it.
In this chaos monetary policy, some voices are being raised to demand change. This is particularly the case of the national crypto community which sees in the situation an additional reason to use Bitcoin. The height of irony, between the lack of currency and the banning of crypto in the country, Bitcoin displays a premium compared to the rest of the world !
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