The Crazy And Painfully High Cost Of Naira Redesign By Dr. Akin Olaniyan | Sahara Reporters

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OpEd: The Crazy And Painfully High Cost Of Naira Redesign By Dr. Akin Olaniyan | Sahara Reporters

The events of the last two weeks are driving the country to the edge, eroding the confidence of even the most incurable optimists in the land. Street protests breaking out in some cities including Ibadan and Abeokuta and bank branches being attacked by angry customers who cannot seem to be able to access their funds are some of the signs that all is not well. The danger is that if the situation is not addressed, there is a risk that it just could boil over.

I know the CBN under Godwin Emefiele has pushed cashless as one of its main policies. I will leave the man and his story for another day. It will suffice to say that having been privileged to work in Zenith Bank in his time as Deputy Managing Director and later Group Managing Director, I can attest to his good nature and competence as a banker. I bet that others who encountered him then will say the same of the man.

If we take the result from India, another large country to have tried something like this as an indication, the omenin the immediate future is not encouraging. When that country under Prime Minister Narendra Modi announced its demonitisation on November 8, 2016, the news produces chaos just as the one Nigeria is experiencing today.

 

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In Kano today, Iyorchia Ayu, the PDP National Chairman, confessed that PDP has brought shame and we should not retain them in power. This obvious costly slip-of-tongue will not make any headlines. Watch out for some Press reports on this!

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