I am not a fan of leadership error identifiers for any governing body neither am I in support of wrong actions taken by the governing body but I am to share the impact of sudden financial change as regards the side of the masses to be stored on hive block chain should incase of future reference purposes, it can be acknowledged freely.
On the first day of the week, I talked about in a post with the link:
@iniobong3emm/impact-of-naira-redesign-on-masses
Which talks about the sudden change in currency and what effect it had on the masses. Today I want to share on an effect that was recently discovered.
Usually everyone has the tendency to make errors but with the use of machines programmed with mathematical algorithms creates little or no chance of making errors. Are machines better than humans? I will have to write this as a separate article in another content.
I read about someone who used a currency that was printed imprecisely issued by the central bank to purchase an item in the market. This money was rejected by the sellers because it was inaccurately printed.
Take a look at this currency, it was withdrawn from an ATM, the owner actually used it to purchase an item at four different stores which was rejected. The last supermarket store it was taken to, collected it with details of the buyer documented which later paid in old currency notes.
I wouldn’t install blames on the central bank having considered the fact that there is a massive need for currency and the speed at which its done needs to be increase having been varied by the amount of cash as deposit but this definitely signifies they need more time to print out more notes and deposit old ones because this clearly signifies currencies were not accurately printed due to human error.
But despite the situation, the governor of central bank of Nigeria as at 2023. Still insist the closing date for usage of old notes still remains 31st of January, 2023.
As at the time of writing this piece of article, most stores and transport agencies are beginning to emphasize on the new note payment method but customers / passenger still complain of the is sufficient circulation of the new naira notes. The central bank also issued a stern warning to all Nigerian banks who fail to dispense new notes are liable to pay a sum of a million naira monthly.
In summary diligence is the key to success and success is accurate, in order to achieve the financial purpose of currency change, the central bank needs more time to print accurate currencies and allow for old deposit because when an inaccurate one is printed, people will begin to reject but later on might be accepted and this may not be in line of the central bank financial policies. In order to be more effective especially in a country like ours, accuracy must be considered when printing new currencies.
Election comes up on the 25th of February, 2023, there is still an additional two weeks which could be added for those who are yet to dispense their old notes.
The impact of sudden currency change is inaccuracy which at first might not be accepted by fellow citizens, this might defeat the sole aim of printing the currency.
Thanks for your reading time, do have a favorable day.