New naira notes: Where do we go from here?

NEW-NAIRA

SIR: The essence of the government is to better the lots of the citizenry. The expectation is that every government policy will improve the lots of the people. This is to say that every policy should have a human face. But in Nigeria, the reverse is the case. What we witness are half baked policies that leave the people worse than they were met.

Some unforeseen consequences are to be expected. This is to say that there is always a flipside to any policy. From implementation to evaluation, there is always need to put in place mechanisms to cushion the unintended effects of such policies on the people.

We are certainly not devoid of ideas in this country. But our problems have been how to translate these ideas to the tangibles in order to benefit the citizenry. More often than not, when policies are initiated, the process of implementing them tend to be punitive; sometimes creating brisk business for the middlemen who would always capitalize on these to milk the common man dry. 

Take the on-going currency swap by the Central Bank of Nigeria (CBN) as an example. Today, the hardships in the country have tripled. The already fragile economy is being pushed to the brink. There is increased hunger because people can no longer access their funds. The polity is mired in apprehension. And no respite is in sight. 

People who depend on daily sales of farm produce to make daily living are taking them back to their houses– no thanks to the unavailability of cash. 

The economy has always been a cycle. One transaction at a point would always have a multiplier effect in other sector. Now, who is sure that the prices of goods and services that have gone through the roofs would return to normal again? It is doubtful as similar situations in the past were not reversed. 

There is a saying that “what goes round comes round”. Nigeria continues to prove an exception. Nothing that has gone up in Nigeria has gone back to normal. Rather, they soar like the eagle.

The redesigned currencies have absolutely redesigned the economy. The economy is bleeding badly like a woman going through her monthly rituals.

CBN Governor Godwin Emefiele and cohorts, when next you redesign, do it with a human face. Like the palm wine tapper, when next you tap, remember the masses!

•Okechukwu Keshi Ukegbu,

<keshiafrica@gmail.com>

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