It gives me a bit of indigestion any time I stumble over news item on the social media network and other mass media outlet that mention the proposed introduction of the new #5,000 note but I felt a soothing relief of fresh air when our legislators decided to dumped the whole idea in the dustbin of irrelevance.
Regardless of their decision, I will still echo my displeasure that I have documented in my thoughts all along. I‘m particularly worried about the personality behind the scene of the policy initiative. As noble as the idea may look like on economic papers and in the mouth of its town criers, I make bold to say that it portend grave danger for our economic that is already suffering from acute subsidy removal and terrorism amnesia.
The character of the Central Bank of Nigeria governor in the past has shown that his administrative and managerial competence is not at all time above board. His purported addiction to media publicity hangover might likely be the thrust behind this whole garbage of rubbish. Arguably, this ill-conceived policy might be a quench of thirst for always wanting to be in the glare of public eye.
I’m agonizingly disgusted about the very slice of the policy that says our lowest currency denomination of #5, #10 & #20 note will also be converted to coins. Is the Federal Government unaware of how the coins of yester years have been confined into the dustbin of transaction history? Have they forgotten in a hurry about how the coins policy during Soludo reign was vehemently rejected by the Nigerian people? If the Aso Rock villa and the National Assembly have made them to forget too soon about the general sense of despair that pervaded the ordinary Nigeria, then am seriously scared and hypocritical about how committed the Goodluck/ Sambo administration is to their credo of transforming Nigeria.
If the Jonathan led administration are truly sincere about turning this gloomy economic picture around, then suggesting this black market cum self-serving initiative by the over excited Sanusi is a sabotage of that commitment. Take for instance, the America economic experienced her worst depression since 2008 because the then president George W. Bush chose to honour poor economic choices. Americans up till now are still living in the shadow of the valley of dead that they were thrown into.
The middle class that they continually pride themselves in is shrinking at an alarming rate. There is a serious growing divide between RACE and CLASS. The economic and life of the bottom 99% is been remotely controlled by the top 1%.
That being said, if we don’t want a ripple effect of what has befallen America, then every TRUE Nigerian must rise UP and say NO to this policy. I don’t have to be an economist to know that given the nature of Nigerians, that idea will not fly. Mere resting the case for a future review must be rejected.
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