TYRANNY OF A NOTE... More than just N5000 naira note.
As one not given to the intricacies of currency note other than the value and spending power that accompany them, not because am ignorant or lackadaisical about economic policies or because I am not more of an Economist as I am of an International Relations and Political Commentator, yet I am very worried about the denotation and connotation that can be justly deduced from the incessant and tyrannic disposition with which the Central Bank of Nigeria, spearheaded by it's Governor, is pursuing this "unpopular" course.
Pardon my "ignorance" as I am a bit at lost at comprehending the justification of introducing/printing a higher denomination of a currency whose exchange rate/ purchasing power is declining. A currency that will cost a minimum of N40 billion to produce for the country that has an inflation rate of about 11.4% as at last check. Between is also the new gospel of a cashless policy which negates the need for a higher denomination. The question any layman would pose to CBN is, how do we marry the importance of a high denomination of the naira (cash) in a society where cashless policy is recently introduced and rigorously preached? What a monumental irony we have on our hands!
When questioned about the importance of the N5000 note, the apex bank, responded that the introduction of the note, "has no advantages or disadvantages..." The puzzle therefore is, why expend N40 billion of tax payers' money on currency denomination that has no advantages or disadvantages, of which the tax payers based on public opinion and commentary, dont want and vehemently disagrees with? Is it just me or something else... DON'T WE JUST DEDUCE A POLITICAL CONCEPT OF TYRANNY? Where the government oppressively pursue it's ideologies without the consent of the people. It's somewhat, laughable when we say "OUR DEMOCRACY" referring to the system of government we practice, which makes the dictionary look like a joke!
Tyranny here may sound overtly massive in comparison but covertly we can't shield away from it. This adamant stand of the CBN Governor, despite the public/mass criticism, Legislative advice and sanction against it, economic irony and hypocrisy it represents and the void of common logic, will definitely make a sane mind not look beyond tyranny on the part of the CBN and the Executives. This thoughts are solidified by the shoving of an unwanted idea with ill-conscience and concerted effort, irrespective of will and affirmation of the people.
Conclusively, this reminds us of a trend, Yes a trend! A trend we may not have soon forgotten especially for those of us who occupied. We occupied, when on January 1st 2012' we were greeted with the most unpleasant "gift" for the new year, a gift we probably never recovered from.... THE FUEL SUBSIDY REMOVAL! A decision they are still yet to justify. The trend of tyranny with which that was forced down our throat is the same way this NOTE is being pushed to us, expectedly, by the same actors with Lamido Sanusi in the lead role! We can only hope that this time around, there will be a late twist to the script.
Written by:
Seth Ogungbe'
Pardon my "ignorance" as I am a bit at lost at comprehending the justification of introducing/printing a higher denomination of a currency whose exchange rate/ purchasing power is declining. A currency that will cost a minimum of N40 billion to produce for the country that has an inflation rate of about 11.4% as at last check. Between is also the new gospel of a cashless policy which negates the need for a higher denomination. The question any layman would pose to CBN is, how do we marry the importance of a high denomination of the naira (cash) in a society where cashless policy is recently introduced and rigorously preached? What a monumental irony we have on our hands!
When questioned about the importance of the N5000 note, the apex bank, responded that the introduction of the note, "has no advantages or disadvantages..." The puzzle therefore is, why expend N40 billion of tax payers' money on currency denomination that has no advantages or disadvantages, of which the tax payers based on public opinion and commentary, dont want and vehemently disagrees with? Is it just me or something else... DON'T WE JUST DEDUCE A POLITICAL CONCEPT OF TYRANNY? Where the government oppressively pursue it's ideologies without the consent of the people. It's somewhat, laughable when we say "OUR DEMOCRACY" referring to the system of government we practice, which makes the dictionary look like a joke!
Tyranny here may sound overtly massive in comparison but covertly we can't shield away from it. This adamant stand of the CBN Governor, despite the public/mass criticism, Legislative advice and sanction against it, economic irony and hypocrisy it represents and the void of common logic, will definitely make a sane mind not look beyond tyranny on the part of the CBN and the Executives. This thoughts are solidified by the shoving of an unwanted idea with ill-conscience and concerted effort, irrespective of will and affirmation of the people.
Conclusively, this reminds us of a trend, Yes a trend! A trend we may not have soon forgotten especially for those of us who occupied. We occupied, when on January 1st 2012' we were greeted with the most unpleasant "gift" for the new year, a gift we probably never recovered from.... THE FUEL SUBSIDY REMOVAL! A decision they are still yet to justify. The trend of tyranny with which that was forced down our throat is the same way this NOTE is being pushed to us, expectedly, by the same actors with Lamido Sanusi in the lead role! We can only hope that this time around, there will be a late twist to the script.
Written by:
Seth Ogungbe'
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