History is repeating itself in Nigeria in self-same manner as it happened 38 years ago with the same dramatic personae. Like 1984, like 2023! It is coming like an affliction of epidemic proportion.

It is on the heel of the Central Bank of Nigeria (CBN) changing of colour or the Naira redesign policy of some high denomination of the nation’s currency.

Changing of currency in any form is a normal monetary measure of the apex bank ostensibly for economic consideration to sustain the strength of a nation’s currency.

In other countries and climes, it is seamless and does not occasion hardship on the economy or the people quite unlike the experience of Nigerians today who are either fighting at the ATM queue or in the banking hall without getting money from the cash machine having deposited their old notes for swap.

Major General Muhammadu Buhari as the military Head of State ordered the change of the colour of the Nigerian currency in 1984 directing the swap of old notes within a period of two weeks without extension. There were few banks then and fewer banked population and the economy was not as digitized as it is today with online transactions of different applications.

It was said that over 70% of currency in circulation was not within the banking system or vaults but in the hands of corrupt politicians and civil servants who warehoused same in their homes. A certain governor was alleged to have kept such huge sum of money in the government house, his official residence and when he was arrested and interrogated, he claimed it was not corruption to put government money in government house; can you beat that!

Citizens witnessed the tyranny of banking first-hand as they could not get their money back after depositing the old notes for swap. Some people lost their lives waiting to get money or committed suicide to escape from the physical hardship occasioned by the inhuman policy as they could not get money to even buy food. It is not different today 38 years after. Even with improved technology and availability of banks in many communities today, the CBN currency swap is as chaotic as it was in 1984 and probably worst as business activities and the economy are grinding to a halt. Some analysts have argued that there is a long term benefit; talking about corruption and fighting insecurity and tracking ransom payment. This I dare say is not the fundamental objective of monetary policy and cashless economy; it is therefore not a profound point.

When I see exhausted and frustrated Nigerians on queues at Automated Teller Machines (ATM) points and Point of Sale (POS) operators and their agony, I do not need any economic wizard to tell me that the policy has failed and any benefit it may have is therefore eroded and lost.

We cannot separate our culture and environment from our economic model and when you therefore try to domesticate a foreign monetary policy design lock-stock-and-barrel without the enabling platform, it is a monumental disaster. Nigerians do not deserve to be sleeping at the ATM points just to get money to buy food to feed their families.

The judiciary has been robbed of its bite due to political patronage and incompetence. It is the same party to throw up the naira redesign only for elements in the party to go to court to challenge it. Why make Nigerians go through this pain and trauma? Why inflict needless suffering because you want to target an individual for political sacrifice? In the midst of harsh economic reality and global recession, why waste such humungous amount of money chasing shadows only to reverse yourself through the same judiciary that has virtually lost its respect because of pliable romance with the same corrupt politicians?

This naira redesign policy has the appearances of a constructive fraud and the people behind it should be held responsible.

We cannot continue to run our country like a personal estate while one individual presides like the lord of the manor.

Thunder does not strike at the same spot twice; we should stop  Muhammadu Buhari and Godwin Emefiele 

The post Old Naira Notes Confusion: When Thunder Strikes Nigeria twice. first appeared on ONIFTV.