Solomon2day

The Central Bank of Nigeria(CBN) is set to change the design of the 200, 500, and 1,00 Naira notes, months before the 2023 general elections. Interestingly, those who call the shots insist that the change is long overdue, although the Minister of Finance, Zainab Ahmed argues that the government of the day was not carried along. The question now is, Why did it take so long for this change since 2015? So far, the CBN has destroyed 6 Trillion Naira-bank notes- this dispensation. Indeed, a lot is wrong about national security, the economy, and socio-political space; while abnormalities persist. The suggestion is that the government of the day is pushing forward face-saving strategies to becloud the sensibilities of worried Nigerians who are conscious of the nightmarish journey presently. Of worry, is the uncertainty that trails the statement of Those-in-Charge, with particular reference to the transition of the government of the day in 2023, although the action and inaction of the po...

Mixed feelings have continued to trail the announcement by the Governor of the Central Bank of Nigeria(CBN) Mr. Godwin Emefiele that the 200, 500 and 1, 000 Naira notes would be redesigned. A sizable number of Nigerians believe that the action of the apex bank has a hidden motive, considering the fact that the head was once a presidential aspirant of the ruling party. Others however argue that the action would sanitize the monetary system in the country. In this piece, Prof. Olagoke warns of the consequences. Excerpt : To start with, the reasons given by the Governor of the Central Bank of Nigeria for the redesigning of the 200, 500, and 1,000 Naira notes must be assessed and evaluated based on present realities. The word redesign becomes an issue because it would involve changes that may not likely go down well with our ethnic, tribal, and religious persuasions. Since it had the approval of the presidency various considerations must have been put in place to allay the fears o...