Economic Issues
Trouble With The New Naira Notes -By Abdullahi Adda’u Turawa
Another unending problem lies under the umbrella of “those that owns the means of land, labor and capital also owns the means of production, massively contributed to the current economic situation or sabotage.
Since Central Bank of Nigeria (CBN) announce it decision to change the current N200, N500 and N1,000 Naira currency denominations to new currency, the central bank governor Godwin Emefiele has revealed that the apex banks has given a-lot of cash to Nigerian commercial banks. With all this the new currency currently in circulation is less in demands, with less publicity on how to solve all this problems.
In all these problems, it all seemed to agree that the government itself is perhaps the greatest culprit because of it appeared fiscal indiscipline.
To the lower class, the struggles and the difficulties, problems by common consent, was corruption by all, whether cerebral or physical.
By no means the least among the culprits were politicians and “Tebuburin Maishayi” tea sellers joint economics expert, who over simplified rather complex foreign exchange issues. Sometimes out of ignorance but, seems, more out of mischief.
To the other side end, this is not enough for our village people that are not exposed to banking systems and majority of them are not educated, unfortunately they are also the majority in the country.
Another unending problem lies under the umbrella of “those that owns the means of land, labor and capital also owns the means of production, massively contributed to the current economic situation or sabotage.
There should be no logical “contradictions” -producing, of course,there is proper logical thinking -either in an economic or political sense.
However nobody should entertain any illusion that such administrative solutions will solve the problems surrounding inflation and unemployment. In these, if regulations did anything, they merely invited abuse on the enforcers and temptation to bribe on many who are prone or forced to cut corners.
Our prayers is that, at this juncture they separate scientific statements from unscientific ones and bring out the solutions of this problem sooner rather than later.
Abdullahi Adda’u Turawa, Zaria Nigeria
