Unaware Nigerians went about their regular lives on what would have been a perfect Tuesday before being abruptly awakened to the fact that they are currently experiencing “Naira Scarcity,” which has left them living in abject poverty, hunger, and a high level of life.
People have rushed to the streets to express their genuine outrage at the depressing truth, which raises the question of whether the Giant of Africa may soon resemble Sri Lanka in Asia.
The federal government and the Apex Bank of Nigeria’s redesign of the naira, which they implemented nearly carelessly, is to blame for the severe economic difficulties the Nigerian people have been experiencing in recent weeks.
People reacted differently to the redesign, from mob attacks and protests to vandalism of public property and threats to public servants. One would think that this would have been addressed properly by the law-making bodies, but Nigerians are still forced to buy their currency at exorbitant prices on black markets.
This drastic decision has not only harmed Nigerian-owned businesses, but has also harmed the country’s already ailing economy.
The Nigerian people’s unhappiness and rising cost of living could have been alleviated if specific measures to provide better solutions had been implemented, such as
The untimely announcements of the newly designed naira notes and the abruptness of the notice prior to the change are to blame for the issue. One can conclude that the underlying goal was political and not to implement a fair policy for the value of the naira.
PROPER E-BANKING IMPLEMENTATION
One of the central bank of Nigeria’s key objectives, according to the central bank, was to go cashless and reduce the circulation of cash for the benefit of people, to encourage financial literacy and safe keeping of their monies. However, banks have ongoing network issues that have left citizens stranded, hungry, and ill. Additionally, many Nigerians have not embraced the entire concept of e-banking, which is a major setback for proper implementation of online banking, thereby weakening the economy and inconveniencing the people.
With these measures in place, the redesigning of the naira will be simple for the Nigerian people, and its implementation will have the desired effect that the government intended.
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Very insightful piece here
A well analysed write-up on the on going crisis in Nigeria.