Calamity and scarcity isn’t a normal phenomenon we wish to experience in a country tagged “the big boy of Africa” and Africa economic face around the globe but somehow calamity using cash as wrapper has crept in while scarcity in form of fuel violently follows. Both are now hunting Nigerian citizen like an hunter who have learnt to shoot without missing but it’s quite unfortunate because we haven’t learnt to fly without perching.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, on October 26, 2022, announced that new Naira notes would be introduced to replace the current 200, 500, and 1,000 Naira notes.
Emefiele said the redesign will take effect from Thursday, December 15, 2022. And reasons behind the redesignation note includes:
To address the issue of individuals who have made currency fraud their main source of income. People who have hidden money they have stolen, for instance, would either find a way to change it by taking the money out or would not need it given the change in the value of the Naira.
The currency change also aims to strangle the growing kidnapping and ransom industry which has turned to be a major threat to Nigeria.
Part of this new development is to aid in lowering the rate of inflation and also control the amount of money in circulation.
But the change in our legal tender doesn’t tender all these aforementioned objectives but instead it tables hardship and threat to our wellbeing as a citizen of this great nation.
Masses hunger is now part of our food menus in majority of homes in Nigeria because you’re not sure to access your cash at various banks not to talk of going to a befitting canteen or restaurant to fill your tommy with a satisfying meal but instead we become permutative just to making the cash flow.
I can’t believe and can’t remember the exact number of beggers I have met this week, old, young, energetic, single or married turns to a passionate beggers in a land filled with riches and glory that comes with our natural resources but only minority seems to be excluded from this hardship we now face on daily basis due to cash calamity and fuel scarcity.
I can’t help it but to feel bad for people who rely on fuel to carry out their daily business and activities which in turn boost the economy of the nation but they are becoming less productive of late due to the inability to get fuel to get their work going or to get their cars or machines moving. Transport fare has increased drastically because drivers claims to be spending almost all the entire day on queue at the filling station, so as to cut their loses especially those on instalmental payment, they increases their charge which in turn makes life harder for people boarding public buses or bikes to transport themselves to their place of work, be it governmental or self employed.
Also, the value of the naira continues to depreciate even though regulatory agencies say they are doing everything possible to stabilize the economy. Both salary earners and self-employed citizens are complaining that their earnings merely meet up with family demands including feeding, clothing, shelter, health and education. Life has therefore become increasingly difficult for many Nigerians, especially the low-income earners, unemployed, and other vulnerable people.
I just hope good decisions will be made as regard this two disturbing issues after the winner of 2023 polls has been announced, these should be the first call to duty for the fortunate president of our Federal Republic to ease the tension of wailing Nigerians who have a lot of potentials to further cement our place as Africa giant only if they find a better atmosphere to show the entire world what they are capable of bringing to the table when it comes to meaningful innovation and inventions.
Written By Akinloye Barakat Olaitan A Student Of I-con Universal Polytechnic, Osogbo.
