By Anu Smith
A financial expert, Mrs Lolade Adesola says Naira redesigning is in the interest of the common man but as usual those benefiting from the old system might fight and frustrate any good change the government intends.
Adesola said generally countries redesign every 10 years to stay ahead of counterfeiting, adding that Nigeria’s own is long overdue.
“But remember that in 1984 the Buhari junta changed the Naira in 2 weeks, in order to checkmate those who were hoarding the cash.
“Kidnappers, corrupt public officers collect illegal money but can’t bring it to the bank because of the maximum transaction reporting threshold, so instead they keep the cash at home.
“CBN says over 2/3 of cash issued in circulation is not in banks, so where is it? Obviously in the homes of Kidnappers and Corrupt officers,” she said.
The financial expert said the redesign will smoke them out, as they either seek to bank the money which is very unlikely or change it to FX.
“However those with large quantities will either be caught or will forfeit most of their loot if they are unable to convert the money.
“It is this desperate rush to convert this money to dollars that is fuelling the current devaluation.
“The politicians are the biggest culprits that’s why Buhari and the CBN Governor left the Finance Minister out of the decision making.
“The Naira will fall but it will firm up later when the excess old Naira dries up.
“CBN will not print as many new notes. This will have some good side effects: one, No cash to bribe voters in February (so long as the January 31st date is not extended), two, faster adoption of e-Naira and other digital payments means.
“Let’s keep praying for Nigeria,” Adesola said.