Central Bank of Nigeria in panic mode

 

How else do you describe a situation where Bankers Committee of the CBN and Chief Executive of Banks meet on the 28th of October, 2022 and the same

CBN writes Banks for Daily Vault Cash position effective 26th of October, 202?

What more, the CBN requires compliance through a template attached to a letter written after the Meeting of 28th October, 2022?

It was Chinua Achebe in 'A man of the people' who picked holes in the style of communication in a village where the Town Crier informs the people that the elders and the people had decided on a course of action to which Achebe responds in his iconic fashion, ' if the elders and the people have decided, why tell the people?'

I now ask, 'if the Chief Executives of Banks were in attendance why write them a letter with a retroactive effect?'

Perhaps the Meeting was a briefing and not a meeting!

To buttress the point that the CBN is in a panic mode, the meeting of 28th October, 2022 was described as an emergency.

Indeed, the result is a relaxation of many rules and the curious one that Banks should not delay customers submitting cash.

I thought the CBN was targeting money Launderers? Now the rules have been watered down.

If you ask me, things are happening that the CBN never envisaged. How best to respond? Panic.

The Igbos have a saying that at the end of a race you take the score.

At the end of this exercise, we Nigerians will judge the CBN good or not.