Travel back to Nigeria and give a 3 year old kid 500Naira as pocket money, the kid is bound to receive it with almost no gratitude…how many cones of ice cream could that get anyway…tsk tsk tsk!
It is amazing how thots can play out. In the quest to play a role in transforming my beloved country Nigeria into a better economy to live and operate in, I was always pre-occupied with the idea of drastically reducing the exchange rate to the dollar. It was ridiculous that a single dollar could fetch up to N126. 00 when in the early 80's, it was about a dollar to a naira...it plumetted over a span of 24 years to the current rate. This is not the worse rate inthe world, in fact there are countries that are far much worse! We were a victim of abuse, we were better and we will be bettered.
It is amazing how thots can play out. In the quest to play a role in transforming my beloved country Nigeria into a better economy to live and operate in, I was always pre-occupied with the idea of drastically reducing the exchange rate to the dollar. It was ridiculous that a single dollar could fetch up to N126. 00 when in the early 80's, it was about a dollar to a naira...it plumetted over a span of 24 years to the current rate. This is not the worse rate inthe world, in fact there are countries that are far much worse! We were a victim of abuse, we were better and we will be bettered.
The news of prices of basic commodities rising to the thousandth mark was alarming; it could only be the bell of inflation ringing. I remember always dwelling in the past glory of the good old days when the naira and the dollar were in the same grade, coursemates actually. I couldn’t help but reminisce and bask in that glory oft times.
My prayers were answered when I saw the news yesterday about the major currency revamp that is currently being undertaken by the apex bank in conjunction with the federal government.
My prayers were answered when I saw the news yesterday about the major currency revamp that is currently being undertaken by the apex bank in conjunction with the federal government.
Hallelujah! By the 1st of August 2008, a major magic or miracle - however one may choose to see it, will happen. N100 will become N1 and $1 will exchange for about N1.25K at the forex and will eventually be allowed to float in the international market to compete with major currencies all over the world. N1000, N500, N100, N50 will all be phased out and N20 will be the highest denomination! Coins will become legal tender again and rumours have it that the Naira might be the legal tender for most West African states, talk about trippings!
This theory might seem a little but awkward to many initially but will in the long run bring many of the benefits that we been praying for over the years.
As the whole philosophy begins to play out, I tend to be angling at the comedy part. Although news has it that there will be no devaluation or change of value, among other setbacks that this mega move will bring will certainly be the issue of mental distress, the education and awareness. It will be a gospel of ‘to him that had much, little will be given and to him that had little, almost none will remain!’; you wake up and find that despite the fact that the value is the same, your 1,000 Naira in your account, becomes 10 Naira! You might be left wondering what kindda fraud you been hit with…funny! Good! Only ‘goodness’ knows the actual pros and cons that this move will make but i’m positive that the pros will outweigh cons. Nigeria, with the pace things are moving, will be a destination of delight for many, the paradise right in the trigger of Africa.
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