…The Mismanagement of the Naira printing and circulation by the CBN will be a classic case study in business schools anywhere in the world
SUN. 12 FEB, 2023-theGBJournal| The Pressure on the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele is unimaginable, underscored by the rebuttal the CBN issued Saturday about the Nigerian Security Printing and Minting Company Plc (Mint) ability to print and distribute the newly redesigned naira banknotes.
The CBN said, ‘’For the records, what Mr. Emefiele told the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians. While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank,’’
The statement is in itself, an acceptance of failure- How can the Mint still be working-after close to four (4) months after the policy pronouncement, ‘’on printing all denominations of the Naira to meet the transaction needs of Nigerians.’’
Far from being an isolated rebuttal, this is just one in a series of communication blunders during the lingering Naira scarcity scandal that experts say has deeply hurt the Governor and the institution (the CBN).
Clearly, the Mismanagement of the Naira printing and circulation by the CBN will be a classic case study in business schools anywhere in the world. The CBN has indeed taken every opportunity to compound its woes, and the damage to the image of the CBN will reverberate across the globe for a long time.
Board rooms, executive management meetings, policy makers as well as political mainstream actors have bemoaned the Central Bank for what they see as insufficient, and sometimes misleading, the information the apex bank has given about its problem with regards to other people’s money trapped in various deposit money banks across the country.
The CBN Governor’s demeanor to date have not left Nigerians with the feelings that he and his managers has managed to get on top of things.
His problem began even before the Naira shortage scandal became annoying. The Governor of the revered institution went to dabble with politics and politicians. A huge unforced error that brought intense scrutiny and raised ethics and integrity questions.
And when questions started flying about the competence and capacity of the Mint, he issued one of the most absurd rebuttal-one that did not answer the question every Nigerian is asking-which is-can we spend or use the old notes alongside the new notes until you are able to have enough printed and in the banks?
Every Nigerian is confused on what to do next. Some traders won’t touch the old notes anymore, banks have shut their doors awaiting a clearer statement from the apex bank. Majority of the banks no longer pay customers their money and when they pay, they pay just N2,000 over the counter. All the banks have stopped their Saturday and Sunday operations.
Many had expected Emefiele to take radical action. He hasn’t. He has been busy scheduling meetings that won’t resolve anything.
He should consider seeking help from anywhere, give detailed update to the populace, and in clear language, on whether the old and new notes should continue to circulate.
And whatever happens after ‘’your’’ next meeting, most caught up the Naira shortage scandal agree that more transparency and clarity is needed from the apex bank and the Federal Government when sending out statement to Nigerians.
So far, your communication style merits a Failing Grade.
By Charles Ike-Okoh, theG&BJournal
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