Strong brands, according to a worldwide business strategist named Nick Cober, concentrate on their niche, maintain consistency, reflect the communities they serve, provide top-notch products and services, and have strong, true personalities.
It is questionable whether the Central Bank of Nigeria (CBN) has recently exhibited these characteristics. Godwin Emefiele, the current governor of the CBN, never anticipated that he had unintentionally set up a booby trap that would later send unwary Nigerians into an unprecedented fit of rage to withdraw their money from deposit banks when he announced the plan and justification by the apex Bank to redesign some of the Naira notes on October 26, 2022.
Any endeavor, whether it be at the individual or corporate level, must have an effective communication plan. Brand communication, brand image, and brand trust are referred to as the “antecedents of brand loyalty” in the public relations industry.
The entire world is watching in shock and disbelief as a country’s currency is redesigned and lives are lost, the property is willfully destroyed, protests break out in many states of the federation, and Nigerians resort to using the CFA franc, a currency used in Francophone nations, at land borders due to a lack of new Naira notes.
Trades made by batters occurred when the Minister of Finance, Mrs. Zainab Ahmed, complained that her Ministry was not engaged before the introduction of the new currency designs, and the Central Bank’s poor stakeholder engagement became well known.
An embarrassing public relations disaster was the apex bank’s failure to contact the project’s main stakeholders, including the legislators before the project was implemented. There are further instances of the apex bank abusing public relations techniques gravely.
Expectations were high for President Muhammadu Buhari’s nationwide broadcast on February 16, 2023, to ease tensions as he announced the CBN’s compliance with the Supreme Court’s decision that the old Naira notes should continue to be legal tender alongside the new ones until the outcome of the substantive suit filed by some states.
However, the broadcast was overly optimistic because President Buhari declared that only the N200 note would be valid for payment for 60 days. In numerous areas of the union, protests erupted as a result of the flagrant contempt for the Supreme Court’s decision since people were unable to withdraw their money when they urgently needed it.
The Nigerian economy is primarily centered on cash as of right now. The Nigerian judicial system is being made fun of by the Federal Government’s disrespect for the Supreme Court’s ruling. Festus Keyamo, the All Progressive Congress (APC) spokesman, could not conceal his disapproval of President Buhari’s misuse of a court decision, claiming that it was ill-advised.
Who are the people giving the President bad advice, and what is their motivation? What does the CBN have to pay to follow the court order, which would have soothed the strained nerves? Being the face of the CBN, Emefiele should someday share his narrative and expose the cabals that have messed him up.
Regrettably, the goals of the new Naira notes are far from being accomplished because of poor scheduling and preparation. In Nigeria, the inflation rate increased slightly in January from 21.34 percent to 21.82 percent, defying market expectations of further decline.
The nation’s foreign reserve has also decreased further, falling to $37.1 billion on January 30, 2023, from $37.8 billion in December 2022.
The apex bank’s other goals for the new Naira notes are more incorrect permutations. The financial system no longer inspires confidence in Nigerians. There is already a trust gap. The brand value of the apex bank has waned.
It is currently a battle of brand recovery for the apex bank to stay relevant. If Nigerians believe the Central Bank to be transparent, it would be more effective and trustworthy. One of the lessons learned from the 2008 global financial crisis is that all central banks must use excellent communication with all of their stakeholders to lessen uncertainty and facilitate better policy decisions.
The Nigeria Economic Summit Group (NESG) has provided the apex bank with some recommendations for brand recovery measures to deal with its damaged reputation. The Bank should start phasing out the old notes gradually as a sign that it is following the Supreme Court’s order.
The mass manufacture of the new Naira notes should start when the old ones are gradually phased out. The bank should start a new campaign to educate Nigerians about the purpose and significance of revamping specific Naira notes.
ConclusionÂ
Osita Nwanisobi, the CBN’s High Priest of Image Makers, and his group should start working on this project right away. The federal government should provide vital infrastructure for a smooth transition to a cashless economy, especially in rural regions, and the apex bank should spearhead this push.
Source: The GuidianceÂ
