The redesign of naira notes has caused a range of economic hardships for many citizens of the Federal Republic of Nigeria. For the past few days, many businesses have either closed up or experienced low patronage as many citizens could not have access to their money saved in the banks.
Purposely, the redesign of naira notes, among other reasons, was said to be necessitated by the government's commitment to end kidnapping and site buying in the country. However, there are existing factors that may threaten the ingenuity of the two factors that are being claimed by the Central Bank of Nigeria for implementing the naira policy, at this esteemed time.
For instance, recently, some bandits who operate in the middle of forests displayed some new notes with the claim that they have up to 10 million nairas of the new notes at their forest hideout.
This is a clear indication that the government might have failed attempts to use the new monetary policy to curb kidnapping if they can still have access to the raw cash, whereas the citizens do not have access to the same cash.
Besides this, is it practicable and accomplishable by the Federal Government of Nigeria to tackle vote buying using the new naira policy?
Practically, politicians are so smart to use foreign currency to perpetuate vote buying, so that the voters would only need to approach the bureau de change after the election to get their money converted to naira.
Recall that there is no policy in Nigeria today that puts a limit on the amount of foreign currency that could be transacted in the country, this implies that the proximity of using foreign currency to service the vote-buying syndrome could not be undermined by the new naira policy.
Going by this, do you think the federal government should rather work on building on the integrity of the security agents and election officials instead of inflicting hardship on the citizens by attempting a new naira policy as a da tor to curb vote buying?
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Written by Nicolas Smith (nicolas)
Published 2/5/2023 6:26:04 PM