Happy new week to everyone, I wish you all the best of it. One area of concern I am worried about is the impact of naira redesign on the masses and I will love you to also share your thoughts what are the negative side effect for it if it has been experience in your home country.
Why naira redesign?
One of the obvious reasons why naira was redesign was to curb practices of corruption towards the approaching election.
It’s a usual practice for some corrupt politicians to bribe their way into searching supporters even on that day of election.
But it seems to me the plan may not actually work for this time because there are available Biometric verification and authentication system (BVAS) which is a good transition from the manual system of election filled with corrupt practices even though some of the senators we elected to represent us are kicking against the opinion of BVAS.
My major concern is what impact will naira redesign cause on the masses and how can it be weighed against impact cause on politicians
Weighing the impact on masses and politicians, it seems that the negative side of it will affect majority of masses, reasons been that we were informed even at out religious gathering, radio jingles, offices and schools to take all of our old notes to the bank for exchange, even majority of funds I receive for my business is digital transfer. But if you go to the bank to withdraw, banks are still dispensing old notes.
I am sure implementing currency change is all about time if from now till the given stipulated date 31/1/2023 which we were informed not to use old currency again, the change hasn’t been made then you can believe me we need a data analyst to calculate how long it will take to be implemented.
Another aspect I see as regards the side of corrupt politicians is that they won’t even feel the negative side of it but rather they will exchange their naira into dollar, in fact if it’s possible to play out corruption on that day of election, dollar will be distributed to those who want their votes to be bought.
A friend of mine also told me, there are lots of queues in the bank and hence it takes longer time before one gets attended to. Well, I wouldn’t dispute the fact that it’s not true because in case of sudden currency change which requires immediate effect and implementation, one can decide to use the point of sale vendors to deposit your funds.
Conclusively
The aim of currency change was to halt corrupt practices during the election, and I support it but I am after the implementation speedily. Let the CBN ensure that more of the new currency are been printed and issued to bank to dispense to their customers.
Currency change should be done appropriately, it is either the time for election be extended while CBN recruits more work force responsible for printing new currency in order to meet up with citizen’s demand. We need money daily to care for ourselves. If there must be a change, it should be with plans for the masses also.
Thanks for reading, do have a lovely week. Share with me also if your country has experienced such and what was the outcome.