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Wednesday, June 29, 2022

CBN says, paper currency will soon be out of circulation

I welcome any change that would make life easier for the people. Afterall, change is one of the effective ways of addressing the challenges of an inefficient system.

Howerver, I am a little bit discomfited with any tactics used by the government to cover its inefficiency and sharks its responsibilities and seek the easiest way out.

Instead of telling us that using electronic money allows for more flexibility and convenience, the CBN says, paper currency will soon be out of circulation because:

1. It spends so much money to print money

2. People abuse the currency in the market.

3. Spraying money at occasions, etc.

In parties, people hawk new Naira notes  without qualms. Sadly, when one approaches the banks for new notes, the answer usually is, “sorry we do not have.” But the notes surface at parties and other social occasions every weekend.

How do hawkers get the notes? The new notes are serially numbered and can be traced to their origin. So why can’t we follow the money and gradually cure the malaise? We produced coins but couldn’t enforce its usage. The next thing will be a fire brigade approach of deadlines for us to migrate or…… Haba!

What happened to all the laws and sanctions for abusing the Naira? Why do we seem to be so helpless and run away from our responsibilities by yielding the spaces to lawbreakers? Is it not an irony, that the states and the National Assemblies will make laws and we cannot enforce them?

It is well o. Grace and peace!!!

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