Nigerian Banks Resume Dispensing Recently Demonetized Naira Banknotes – Great News or a Tale of Terror?

The Unanswered Question

Nigerian Banks recently announced they will begin again dispensing the recently demonetized Naira banknotes – ostensibly bringing great relief, but with a lingering secondary question. What took them, oh, so long?!

The Roaring 20s

Demonetizing currency isn’t the kind of thing you casually do – especially in a country like Nigeria with a rugged history of inadequate financial infrastructure.

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So, while the average consumer was waiting in the que, hoping and praying they didn’t hear their number called, the banks were quietly polishing their resumes. Who knew it would take a robust 20 days to translate a redenomination from the GOAT of currency to the money we’re so used to?

But patience pays, and yes, it could be argued that it was worth the wait. Three cheers for the banks for taking the time and care needed to make to bring back the Naira!

Moving Forward

Is there anything else the banks need to do to improve? Here’s a helpful list of things they can tackle:

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  • Improve availability – Let’s face it, sometimes the banks take their sweet time in getting us the money we need from an ATM. It’s not like we can just walk in and fill out a deposit slip and be done with it!
  • Simplify transfers – Not to say we’re lazy or anything, but why does it need to be a let’s-look-for-the-woman-at-the-counter-in-the-back-of-the-bank kind of experience?
  • Prioritize security – Nigerian Banks need to focus heavily on security and fraud prevention, and make it priority number one!

And Finally…

Back to the recently demonetized Naira Banknotes. While the banks taking their time in getting us our money back may have stressed us out, at least it had a happy ending.

After 20 days, the faithful can celebrate, because the long wait is over. It’s time to savor the sweet taste of currency redemption once more!

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