News Update

Currency Redesign and Unwarranted Drudgery

By Victor Agusiobo

In the past few weeks, our beloved country, Nigeria has manifested profound symptoms of abysmal incompetence in a number of areas of  her public life.

Nigeria’s many sane citizens strongly feel that the bizarre drama occasioned by the redesign of the currency was absolutely unnecessary.

They avow albeit resignedly that even if the exercise was to be done in a community of monkeys, it would have been less of a bedlam, than what the relevant authorities have been able to showcase thus far.

It really bothers many and excites perhaps a few criminally advantaged folks that CBN would mop up old currencies and fail to factor the channels for releasing the new ones.

Why should the CBN be annoyingly so weak in her regulatory responsibilities of checkmating the apparent greed of extant banks?

It really beats us hollow why indeed tax payers money should be used to service the idiocy of those who are supposed to maximize our welfare, respect our freedom and right and even help us cultivate virtues.

In the light of the pain, sorrow and anguish suffered by Nigerians over the Currency Redesign, would Emefiele, the CBN chief and his cohorts, sleep soundly and in good conscience feeling that they are not pathetic bunglers of a simple process which many nations embark upon without their citizens knowing?

We contemplate with admiration and reverence, the interest of the Supreme Court of the land, in wanting to end the suffering of the masses with the latest pronouncement on the use of the old currency till December 31.

We however feel edgy at the seeming misnomer of such an exalted body’s intrusion into the operationality of a nation’s monetary policy.

Our knowledge of the Sociology of the law informs us that unenforceable laws, sooner than later, diminish the sublimity of the temple of Justice and allow her to fall into mindless desuetude.

The weight of the censure which has fallen on the CBN and the  Federal Government is increased in proportion to the height it has descended, namely; the highest court of the land. But many a citizen still find some lacunae in that judgment leading therefore to mild suspicion as to it’s overall motif.

If nothing is wrong with the redesign of currency as a policy, why order for the continued use of the old currency instead of ordering for the greater availability of the new ones.

We avow that anybody or any institution that still has thousands of the old currency still stuck in private places must open themselves to the gaze of intense suspicion of untoward activities.

SPS is totally embarrassed at the present price gouging and outright sale of the Naira by persons advantaged to have them. We wonder what else can be a more perfect definition of failure than the present economic sin of arbitrage committed on the Naira by some banks and POS operators.

We conclude that the descent of the Supreme Court to the arena may seem an answer to the incompetence of the CBN. In all, they appear like two thoughtless scenarios hanging over a benighted citizenry. The last resort by an apparently frustrated people may shock the sensibilities of many minds. Ours is not so much a litigious society otherwise, the courts would have been a deluge of motley of claims against the banks.

The CBN and her banks must mitigate the present ordeal now for they may really never know how soon or even how bitterly the very ingredients of their own poisoned chalice will be commended to their own lips.

Comrade Victor Agusiobo is the president Society for the Prevention of Stupidity (SPS)