New Naira notes: The reduction of colours in the notes is a confirmation of the unintelligence of Soludo — By Charles Awuzie
Permit me to think differently on the new Naira…
It is a great improvement to our National Currency Printing System.
In the past 7 years, the cost of printing Naira increased by 143%. This affected the printing of lower denominations like N50 since the cost of printing N50 was the same as printing N1000.
Just to print 2.5 Billion Naira Notes in 2020, we spent over 58 Billion Naira. The value placed on those notes are determined by market forces which means as the value of Naira continued to fall, we would end up spending more money to print ‘worthless’ notes. This would have been bad for our Currency.
The intervention of the CBN to remove some colours from Soludo’s $Tupid multi colour N1000 was long overdue. The reduction of the colours in the notes is a confirmation of the unintelligence of Charles Soludo.
Do not forget that it was Peter Obi who pointed out the fact that we were spending more money in printing multi colour worthless notes. The CBN picked up his advice and acted on it. Unfortunately, nobody is giving Peter Obi the credit for this .
Let me say this – the CBN deceived Nigerians by saying they were Re-Designing Naira Notes. They probably used the word ‘Re-Design’ to justify the exaggerated amount they assigned to themselves for the ‘re-design’ of the notes in question. This is simply a colour reduction process which removed magenta from N1000, black colour from N500 bill and leaving N200 with only magenta. This is colour reduction, NOT Re-Designing.
I therefore urge Nigerians to demand accountability from those who managed the so called redesigning project – our money has gone down some snake throats.
You know Charles Awuzie by now so you will understand me when I ask you to focus on intellectual analysis of the new Naira instead of catching the Snapchat cruise.
Do not just criticize the change in colour – no. See the bigger picture they don’t want you to see. The fact that they must have taken advantage of a very good initiative to siphon our treasury. On the brighter side, their days are numbered and Real Change is coming.
In conclusion, this is a commendable improvement on the cost of printing Naira. Shame to Soludo who caused us the massive 143% increase in cost of printing. At least, we have come out of one more mess poopooed by the leaking backside of the EMPTY governor.
Thank you Buhari. Thank you Peter Obi. We will thank Emefiele after he shows us how much he spent on the ‘redesigning’ project.
My name is Charles Awuzie and I am Obidiently patriotic to my country.