The Naira Just Got Herself A New Attire

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Two years ago, a close friend of mine wanted to get married with a sum which was a little above a million naira. That sum was near perfect for the type of wedding he wanted to have. A day to the wedding, some dirty secrets got exposed and the wedding was called off. It was a traumatizing time for the intending couple but both parties moved on quickly. Next month, my friend wants to have a wedding with another with a similar budget as before.

I advised him to visit the market so that he could have a much more realistic plan. He did and the next time we met, he looked dejected. He said to me.

“Elder! Everything don triple. Gad av meci apan us, Chali, e be like this wedding thing go happen next year because everything be too cost”.

It is true, prices of goods and services have continued to soar high. What I am about to throw at you is really not about a postponed wedding rather, it is about Naira.

Shall we dwell on how much of a show the naira has put on in the last seven years? I have never had a reason to care about the complexities and dynamics of naira. Now that I am all grown into a relatively responsible adult, It will be foolish not to consider the intrigues of naira.

Welcome aboard as I take you on a basic ride about naira and her preparation for an “Owambe” show down.

Naira is a Nigerian currency. Currency is an item used to facilitate transactions. Therefore, naira is a type of currency useable in Nigeria for transactions.

However, just like Nigerians in Nigeria make do with Naira, other nations of the world make do with their own type of unique currencies. Naira is a big boy! So big it can buy just about anything. The more naira you amass, the more things you can afford and also, the more the appellations you are likely to earn.

I am sure you have heard titles such as “Oyisi, Alhaji, Jagaban, Chairmo, Big man, Distinguish…” If your answer is yes, I want to announce to you that you have Indeed met with someone with lots of naira(s). However certain indices have overtime rendered the naira a Goliath amongst Nigerians. How and why so?

Few decades ago, wealth chose Nigeria. The wealth I talk about came in form of oil discovery. It gave Nigeria the necessary leverage to become the true giant of Africa. As the saying goes; to whom much is given, much is expected. In the midst of plenty, Nigeria performed below expectation. It was so horrible to look upon.

Overtime, Nigeria’s economy suffered from heightened dependence on oil, tribalism, corruption and all shades of ills thinkable…

Many economists agreed that the introduction of the Structural Adjustment Program (SAP) gave the very first major decline to the Nigerian Economy.

Thereafter, the landlord decided it was sane to borrow money from the tenant. In other words, successive Nigerian administrations begged for funds from whatever nations irrespective of a disadvantaged agreement…

Today, we are told to limit our withdrawals. About Nigeria’s apex bank decision to recreate the naira, It seems to me that CBN is contradicting her monetary objectives. Perhaps, the objectives of the CBN is to suck up counterfeits, solidify the naira, security purposes…we can say that the CBN hopes to strengthen our economy.

However, I do know for sure that having a new currency notes does not genuinely speak to issues on ground. Because the black market doesn’t fade out.

The black market is always out there to defeat genuine course. In my view, the CBN should do her part by advising the government to cut down on wanton borrowing, kangaroo projects, bold abuse of the money laundry act…

A thousand new attires for the naira will not quash our retrogressing economy…Instead, drastic monetary and fiscal policy would so.

Again, there’s an urgent need to cut down on frivolities and white elephant projects. My friend, Sam, would say “A man soak in debt has already given his neighbour the opportunity to be ridiculed”.

Until then, the naira is having a party and we all must honour her by purchasing the “asoebi” on or before the 30th of January 2023.

– Olayinka Kayode writes from Siun, Ogun State.


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