The Central Bank Of Nigeria on October 26 made a public announcement of redesigning the naira notes to handle a lot of issues surrounding the fall in value of the naira, deep down I know they have a bigger motives.
They huge project undertaken by the Central Bank to revamp the naira notes of 200, 500 And the 1,000 noted respectively came as a shocker to many especially given such a short time to redesign the naira and put it up in circulation to run concurrently with old naira notes
According to the CBN governor Dr. Emefiele said about 2.73tn of the total cash in circulation was out of the bank vault and in circulation and these has had a severe consequence on the value of the naira and the economy at large
Ever since the big announcement by the apex financial institution in NIGERIA the commercial banks have been on their toes trying hard to Curtail the influx of the naira
Recently I read on the news how one very rich fellow brought in wax of 200 naira notes in bundles of over a hundred pieces for deposit and the shocking truth here is that these particular notes was printed and minted 20years ago that's exactly in 2002 an as not been spent meaning it has not been in circulation since printed,.....
I know the target of these project is aimed at the politicians as much as I wouldn't want to make this sounds politicaly motivated I know the motives behind it, cause back here in Nigeria most of our politicians are prone to hiding huge sums of money in their private resident to avoid the consequence of the Economic and Financial crime commission (EFCC) to tracking them with their huge deposit in the banks ...and so the CBN in order to check this out had to come up with a plan.
The real motive behind all of these is to Curtail to an extend the intending vote buying by the politicians come the great 2023 General Election starting February, to ensure the election are credible, free and fair void of rigging which has been the yearnings of the people for a long time now.
BUT THERE ARE CONSEQUENCE
For the past week since the announcement and the short dateline given January 31 to stop the circulation of the old naira notes all the commercial banks have been up and down working tirelessly...
This will for the time devalue the naira even more due to excess cash deposit, increase in cost of living
Prices of commodities etc
The cost of redesigning the new naira is also another cost to be incurred and currently now the economy is wavering and needs a more serious strategy to revamp the economy, my opinion is that for now we should look forward to making our country to be a more productive state than consumption state this will strengthen the naira and increase it value in the international market
Thanks for coming thru and never backing out
Much APPRECIATED 💯👍