Dr. Louis Brown Ogbeifun

Accredited Mediator | Certified Professional Manager and Trainer in Workplace Conflicts


Redesigning Currencies: Drama in Nigeria’s Socio-Economic Sphere

The reasons for redesigning currencies include aesthetics, improving currency security features, and combating counterfeiting. Major economies redesign their currencies every 5-10 years without the populace being thrown into hardships like in Nigeria. Why are we always dramatizing everything in my beloved country?

The whole world must know when we are deregulating and removing fuel subsidy, which was mismanaged by the elites. In the process, policymakers stoke hardship that punishes the masses more than the elite-targeted groups. In ideal climes, citizens wake to see different prices of petroleum products, and a buyer has choices and options.

The global systems must standstill for us to redesign our currencies. In the process, the CBN and banks subject the masses to hunger and woes because the elites must bring the currencies hidden in their homes back into bank vaults. One hardly knows when other countries will redesign their currencies. Why us?

The world is laughing at us because Nigerians are queuing for fuel and begging to draw the money they deposited in banks. Funny enough, the elites being targeted have money brought to their homes by bank officials. Can’t we spare the masses’ pains associated with elite-targeted policies? Can the masses also stop punishing themselves with profiteering by POS operators?

Our policymakers do not seem to bother about international reproaches. Do we know the collateral and reputational damages to the Green-White-Green image as a nation?

What manner of investor would want to invest in a chaotic, dysfunctional, and uncertain socio-economic environment that our policymakers portray us to be in?

Just wondering if, in the long run, this fuel and currency scarcity won’t cost us more than the expected beneficial outcomes.

Grace and peace!!!