Controversies have trailed the decision by the Central Bank of Nigeria (CBN) to redesign the nation’s banknotes from the day one in October last year when the bank’s governor announced it. Nigerians have queried the rationale behind the redesign, before the forthcoming election.
With less than a fortnight to the deadline for swapping old banknotes with the new ones, the economic struggle is still ongoing. Nigerians are groaning and banks’ automated teller machines (ATMs) continue to dispense the old notes. Infact, the queues are getting longer, and the centre seems to no longer hold.
Reports say, the CBN’s contortions have been unhelpful. It reversed itself on the amount of cash that banks’ customers may now withdraw across the counter. Having instructed banks to provide the new notes through ATMs from 9 January and only in the N200 denomination, last week it ordered them to do so immediately, and across banknotes.
Latest reports have it that some commercial banks are sabotaging CBN’s efforts.
Just last week, the Central Bank of Nigeria, said it uncovered N4 million of new naira notes mismanaged by a commercial bank in Ogun State.
It also accused commercial banks of sabotaging the efforts of the CBN in making the new naira notes available.
The apex financial institution said the monitoring exercise in the state is an effort to ensure compliance to the directives of the CBN as regards issuance of new notes. With this inhumane treatment by some commercial banks, CBN should not be blamed for scarcity of new naira notes but the commercial banks.
This is applicable to all commercial banks across the nation, except SunTrust Bank that stands out amongst its equals.
SunTrust has made managing customers’ money easy with its humane treatment of customers. SunTrust did not only provide umbrellas, it also gave refreshments to customers.
SunTrust, led by its CEO, Halima Buba has been a Lagos-based home to a host of banking and financial products and services for consumers, small businesses and corporate and commercial clients.
A compassionate woman, Halima is a Champion of youth and women empowerment, and consistently makes philanthropic contributions towards the girl child Education.
SunTrust mainly has branches in the country, but its recent actions, during these trying times in the country, has increased Nigerians’ trust in the bank. You can open an account with SunTrust even if you don’t live in Lagos State, or a state where it has a branch presence.
The bank staffers probably took this cue from the CEO, Halima Buba who is an advocate of strong and enduring institutions. With this, she no doubt is leaving her footprints in the sands of time.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper