Change In Nigerian Fiat Design Versus Crypto And Impact On Masses

Hello everyone, I hope you all had an awesome day. I rather give two words which are, make yourself happy and live the best of your life.

There is a current issue as regards finance adopted by the Central Bank of Nigerian(s). It’s no longer news that the long awaited plans of the president has come to implementation and realization today.

The president of Nigeria, H.E Muhammad Buhari approved the CBN to redesign new naira notes (Nigeria’s fiat). The denominations which were NGN200, NGN500, NGN1000 were supposed to be changed in color design.

New notes

Old currency

I am a banker by profession and I know for real that anytime money is to be printed out newly, it involves spending of money and destruction of some old notes. I am not criticizing the actions of the government but from my point of view and what I heard, there are some people hoarding the naira and the only efforts to disable them from holding their finance is by changing the design of the currency so as to stop further circulation of old notes which will render the holders of the former valueless of their cash.

To me this doesn’t make an improvement but rather selfish interest. I know of the poor masses that lives in interior villages and got no idea about the new notes in circulation. What will be their response when they want to pay for school fees of their children, buy food or even work for income?

This is absolutely to the detriment of the masses. I will like to give reasons why crypto adoption must be on pressure so as to avoid issues as such because the money been used is for the masses but the government is preventing them from having access to their funds in terms on salary increment or even infrastructural development but rather use it for selfish or personal interest.

In the world of block chain technology, there is no news of such. Your assets are digitally stored in your wallet; you have the charge and responsibility over your asset will be used for.

Not like the Nigerian system whereby a worker gets paid in the new currency, and he doesn’t have an idea what will they look like when he collects his salary, the government controls how he spends and almost a major amount goes to tax.

The price of goods and services are on increase, cost of importation is on the high side but the salary of a government worker remains same. How will the masses be able to cope? When there are relevant issues to be tackled by the government and its not done.

People who were displaced of their homes due to flood the problem are yet to be cared for in addition to people who lost their loved ones.

Secondly

I will like to ask, what will happen especially if a government worker has savings at home probably if such a person is working and decides to keep some saving at home for kids and family feeding and he or she wasn’t chanced to take them to the bank for submission.

In fact how possible is it to expect all the citizens in a month time to submit all their fiat currencies which the banks despite your money will still treat you in an ill manner?

The government of Nigeria should focus on pressing needs of the masses and not issues that are of less value.

Thanks for going through our blog post. I wish you a peaceful day.