A Let Down on Nigerian Currency.
The currency of a nation is one of the values and pride of that nation. This means that when the currency of a nation is disvalued and/or disrespected, that nation has been disvalued, disrespected and her pride thrown to the mud. We have always had this notion that respect and placing of a value on our currency are when we place them properly in our wallets or poss, avoid folding them, spreading them during social and other gatherings, and all that. But we need to know that placing value and respect on our currency is much more than those mentioned above.
Some of the major ways value and respect can be placed on a currency are to enhance what such currency can afford in the market and other business platforms, how difficult the currency can be affordable or acquired by people, especially, those who are not into a lucrative job or business and the rate of the currency when compared with other nations currencies. When a country's highest currency can be easily spent in a day, or even less than a day, then there is a problem. When the highest currency of a nation cannot afford reasonable things in the market and other business platforms that can last for days, months not to talk of years, then there is a very big problem. These problems will definitely affect negatively and greatly the economy of such a nation and this is one of the major problems facing the economic system of Nigeria before coronavirus comes to worsen it.
One thousand naira (#1000) is the current highest currency of Nigeria, and it has become very much alarming and what should gain the serious attention of the government of Nigeria on how this highest currency of the nation is seriously losing its value, so much so that it can afford almost nothing in the market and other business platforms in the nation not to talk of outside the nation. When you visit the market, the common commodities or goods presented to you with the tag price of one thousand (#1000) are both appalling, obnoxious, and laughable. A little container of insecticide to kill mosquito and other domestic insects is tagged one thousand naira (#1000), a little bottle of salad cream one thousand naira (#1000). Hand sanitizer one thousand naira (#1000), even one thousand three hundred to five hundred naira (#1000, #1300 or #1500). One or a half kilo of meat one thousand naira (#1000), one thousand five hundred or even two thousand naira (#1500 or #2000). Some other pieces of things in the market are sold at one thousand naira (#1000). Are you kidding me? For goodness sake, one thousand naira (#1000) is the highest currency of Nigeria for crying out loud and all it could afford are these very little and it is still of no concern to the government of Nigeria? Some believe that if you are rich you will not complain and it won't matter to you, those who complain are the poor and/or average. The truth is that this is not the issue of being rich or poor is a matter of disvaluing and disrespecting the value and pride of Nigeria which the currency stands for.
Could you imagine that you cannot subscribe reasonable package(s) from DStv, Gotv or Startime where you can comfortably watch the programs you want, such as football stations, wrestling, action/comedy movies, children/cartoon stations especially, with one thousand naira (#1000) the Nigerian highest currency? Even with three thousand four to five hundred naira (#3,400 or #3500), you still don't get a subscription that can give you these packages in Nigeria. There are very little goods and services of value that Nigerians can afford today with five hundred naira (#500), not to talk of other lesser denominations like two hundred naira, (#200), one hundred to Fifty Naira (#100 and #50). Of course, twenty naira and ten naira (#20 and #10) have lost their values for a long time now. One hardly lay hands on five naira (#5), and of course, there is nothing in the market now that one can afford with five naira (#5) in Nigeria. What of fifty Kobe, one naira and two naira (50k, #1, #2), they are now forgotten history?
This calls for the serious concern of the government since this is one of the major factors affecting negatively the economic system of the nation. But it is quite appalling that the government is of little or no concern about this. Of course, there are so many things that the government can do to stop or eradicate this menace disvaluing her currency, especially the highest denomination.
The government should put in place machinery that will regulate the prices of commodities and appropriate the price tags being tagged on any commodity, goods, or services in the Nigerian market and other business platforms in the nation. One naira (#1) to five naira (#5) should be re-invoked into use by remanufacturing them into notes instead of coins. The prices of commodities, goods, and services should be regulated, reduced to the appropriate price tags, especially the price tags of foreign bodies in Nigeria providing goods and services for the nation. Nigeria must as a matter of fact and importance go into industrialization. Without industrialization, Nigeria cannot make any headway in terms of economic development. We have come to a time in Nigeria when oil can no longer sustain us. And it will remain a political hypothetical speech if the government continues talking about eradication of corruption and crime when they have failed either deliberately or in-deliberately to create jobs for the masses, especially for the graduates and youths in the nation through industrialization. And until there is industrialization in the nation, the currency will continue to depreciate, commodities prices will continue to rise and average Nigerians will continue to suffer and crime and corruption will continue to be the order of the day, the sweet talks and try and fail actions notwithstanding.
First, the government must regulate the prices of commodities, goods, and services in the market and other business platforms now before it gets seriously out of hands, especially commodities, goods, and services tagged with one thousand naira (#1000) the current highest currency of Nigeria.
God bless Nigeria.
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Nwoko Solomon Ikechukwu
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