It has been established globally that any policy or programme foisted on the people against popular wish often end up causing more damage than good. Despite all the seeming professional arguments canvassed by the CBN Governor, Sanusi Lamido and his foot soldiers on the proposed currency restructuring that will bring about the circulation of N5, 000 notes from next year, the effervescent apex bank boss has been largely silent on the proposed coins denomination.
As a journalist and layman on economic issues like most Nigerians, I am not averse to the introduction of the N5, 000 denomination, at least for the sake of easy movement of large cash by both traders, businessmen, corporate bodies and politicians, but the CBN boss is yet to defend its planned conversion of N5, N10 and N20 notes to coins. Mr. CBN Governor should please tell Nigerians what happened to N1 note after it was converted to coin. I don’t know if the CBN governor and other top government functionaries propagating the proposed currency restructuring have bothered to ask what has become of N1 since it was converted to coins.
The truth must be told, no Nigerian transact any business with coins or loves carrying it. One does not need to be a professional economics or banker to know that once N5, N10 and N20 notes are convened to coins, sachet water, chewing gum, sweets and other consumables that are presently being sold for these denominations will automatically be sold for N50 which will eventually become the smallest naira note if the new policy finally come on stream. The fact of this statement speaks for itself, because after N1 note was converted to coin, the sale of ice water which was sold at that price phased out, while the prices of chewing gum, sweets and other unit items went up immediately.
The crux of this discuss is that in as much as the CBN can go ahead to introduce the N5, 000 denomination for reasons it has consistently canvassed, the apex bank should not convert the N5, N10 and N20 notes to coins so as not to increase the pains of ordinary Nigerians who are daily subjected to untold hardship caused by bad leadership and corruption
Editor – In – Chief
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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