Life itself is simple, but our thought positions make it complicated. It has been of divert concerns and views in respect of the redesigning of Naira currency notes, which the Central Bank and the Federal Government birthed to boost the economy, recuperate stashed currency notes, strengthen the value of Naira among others. There has been conflicting conspiracy theories making the round in the minds of many. As we have supporters of the new development, so we have those who see the Naira notes redesigning move as a plot to embezzle public funds or to create an avenue to work against some politicians in favour of another.
It is a golden fact that the redesigning of new Naira currency notes will attract economy benefits if the routenaries of achieving the aims and objectives are drafted and delivered in the right proportions. The threat remains the selfish and biased interests ravaging the hearts of top players in the system. It has turned the table at the detriment of the majority populace, as evidenced by the shortages of new currency notes in banks, which has been tormenting the livelihood of the people who reside in villages, especially those who are in the areas where banks are not available.
Due to the submission of old currency notes, which was initially slated to end on the 31st of January 2023, many have rushed to make deposits of the old currency notes without receiving the new notes in exchange as banks declared shortage of new currency notes in supply. This quagmire situation has rendered many business and livelihood activities impotent, doing more harm than good. Though, the establishment was intended for economy gains, but agony and pains have become the portions of the majority populace.
The scarcity of the new currency notes in the system will definitely, especially in remote villages, encourage trade by barter, the direct exchange of goods or services without an arbitrating instrumentality of exchange or money, which stands for an established rate of exchange and fair trades.
I am of the opinion that many considerations and means of cautioning the negative effects of featuring new currency notes would have been researched, processed and put in place before venturing into invalidating the old currency notes. For instance, the bank officials factors, who may hoard the new currency notes to sell to those who trade on currencies and to those who are desperate to pay them in exchange of it. When a good intention is delivered inappropriately, it becomes absurdity in the eyes of the beholder.
The implementation of new currency notes has been counted by many as offering a treatment worse than the disease, as it brought more hardship and psychological torture on many, especially on those who reside in villages.
Leaders must consider public protective measures on their drawing tables or remain anemic in discharging their leadership duties. The horrors of pain can best be described by the individual who feels the pain. I hereby appeal to the President of Federal Republic of Nigeria, President Muhammadu Buhari, as well implore the apex bank governor, Mr. Godwin Emefiele, to make the new Naira currency notes adequately available and reachable before putting a dead end use to the old Naira notes.
Note: The noblest treasure is in the wisdom of fair dealings.
Amb. Ezewele Cyril Abionanojie is the author of the book ‘The Enemy Called Corruption’, an Award Winning Best Columnist Of The Year 2020/Giant In Security Support among other local and international awards. He is the Founder/President of Peace Ambassadors Global.