The currency crises and the change of bank notes were carefully choreographed following a well-constructed programme towards a plan to weaken protests. The government was determined to close every other activity except the election. This was a determined and committed plan. It was a controlled march from election to inauguration. There was no missteps acceptable to this process.

Election and the results were advanced by a substantial security fence which was in place, all bent to one purpose! Unfettered election and the inauguration on the 29th of May.

During this forced march the currency was changed. It is clear that this was a subterfuge. The Central Bank of Nigeria claimed not to know exactly how much currency should be printed an unbelievable statement because they claimed they wanted to reduce the money in circulation by bringing a large chunk of it into the banking system.

CBN’s slow release of new notes in exchange for the old notes was tactical: no proper arrangement for seamless transition from the old note to new notes. The commercial banks refused to change old money for new money except through the ATM which had a cap of how much one can receive.

The pressure to get money was intense, the result was the ATM system and banks were overheated and overburdened and quickly began to fail (anywhere else in the world, refusal for a bank to give depositors their money would have resulted on a run in the bank. That was how the banking crisis started in the UK when the depositors of Northern Rock Bank went on the run. In Nigeria the banks were made to feel that they were doing us a favour even with silly restrictions they put in place.

The intention must have been to restrict the flow of money so that depositors would not be able to organise by politically denying depositors the use of their money. The restrictions on the eve of elections were unbelievable and caused considerable disquiet. But in Nigeria a few people were beyond such restrictions.

Favoured politicians had no difficulties in accessing their funds. Even when the Supreme Court ordered CBN to use old Naira notes as legal tender. Thus contradicting the claim made by several banks that the old notes had been burnt, I am surprised at the inferior quality of the new notes. Nevertheless, they have disappeared. One would have thought that the CBN having more time would have continued printing new notes as it withdraws the old notes.

The travails of a depositor
How a man in his 80’s could cope or not cope with his bank? I had opened an account in GTCO bank because, regardless of its young very hip outlook, it was owned by the relatively young entrepreneurs who had a policy to encourage seniors- reduce banking charges, preference attention to seniors etc.

(I ought to have known better because although GTCO bank touted its invitation to seniors, they must have forgotten to tell their architect to provide an elderly-friendly building. Several of its branches are on the first floor of the bank. One has to climb a long steep staircase before arriving at the banking Hall.

Frequently there was a long waiting line before each teller. One had to await one’s turn maybe standing for an hour. One GTCO bank branch did have a friendly reception for seniors giving them some priority to service. Many of us find it difficult to navigate the steep stairs and then stand in line for an hour or so.

Some elderly people are on wheelchairs. I know of one bank in Nigeria, which provides friendly access like ramps to the old and handicapped. The bulletproof doors, however Standard Chartered Bank at Ajose Adeogun hardly allows a wheelchair through. We the seniors had learnt to live with this. But the Government and CBN and the banks would not let us be.

They started to withhold and limit money a depositor can withdraw. I went to the GTCO bank in Victoria Island to cash a check of N150,000. After waiting for nearly an hour the teller told me he cannot give me more than N50,000 only. I tried to impress him that I had special problems and could not wait for another time because I had to pay salaries of drivers, house help, security guards, stewards nurse etc.

Many young people do not go to bank since they can use bank cards to disburse payments. Again I’m not a Gen. X, I am totally illiterate about bank cards, computers etc.

Even with cards I cannot give money to my staff like the cook who has to go to the market with cash when he wants to buy meat, vegetables etc.

On the 20th of April 2020, I asked my account manager to call me and left messages three times “Please return my calls”, I am still waiting for my balances as requested. The call was repeated on the 18th of June, and I again asked for my balances my account manager replied that she will call the following day, she did not. There was little communication until December 25th and 26th, when I received Christmas greetings.

Still, no balances. In January 2021, I followed up with no result. On the 7th and 26th of January 2021, I again made contacts. On the 22nd of March, I continued pursuing the officer for my balances. I was writing to my account officer because someone had tried to put a scam on my account. The bank had executed a letter of indemnity for my account. I had no idea who did this but when I saw a large debit for the paperwork for this indemnity, I baulked. I told the bank that I did not know what the letter of indemnity was about and that it was not from me.

I then told them to put a restriction on my accounts and would only take money from my account only by cheque and I would confirm all such cheques by phone call or sms.
To be continued tomorrow
Dr. Cole, OFR, is former Ambassador of Nigeria to Brazil.