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Hero James
city Lagos, Nigeria
605
6101
46
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In Nigeria • 1 min read • Jan 31, 2023 15:16p.m.
A Dysfunctional Masterpiece
<span class="html-content"><p>Redesigning a country's currency has been in practice all over the world. With new and improved security features, redesigned currency makes forgery / counterfeiting less lucrative.&nbsp;</p><p>When old notes stay out for long, it gets defaced, hoarded and oftentimes, settles in the hands of black market traders or criminals who do illicit businesses because money is used as a store of value and a medium of exchange.&nbsp;</p><p>Nigeria through the Central Bank introduced her redesigned notes lately, but the whole process now looks like a dysfunctional masterpiece.&nbsp;</p><p>Mefi's new monetary policies didn't just bring businesses to a halt, it has also ended up paving way for hoarding by the big goons and street money racketeering. Without spending the old and new notes simultaneously till the old notes faces out, the citizens will be dealt with untold hardship due to hyper-inflation .&nbsp;</p><p>The policy has shown significant negative effects on economic activities especially on poor Nigerians due to its timing and short transition period. Nigerians are cash-strapped, inflation is on the rise.&nbsp;</p><p>With banks inconsistency in quality internet banking, Do you think Emefiele got it right?</p> </span>
A Dysfunctional Masterpiece
By Hero James
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