The scandalous condition of Naira notes
Our Super Falcons women’s national football team have been in the news recently. Their headline grabbing was less to do with their winning the recent African Women’s Football Championship, and more to do with their refusal to vacate a hotel unless they are paid. They are merely demanding what is due to them, and many […]
Our Super Falcons women’s national football team have been in the news recently. Their headline grabbing was less to do with their winning the recent African Women’s Football Championship, and more to do with their refusal to vacate a hotel unless they are paid. They are merely demanding what is due to them, and many of them now regret making the sacrifice to serve their nation. They must be given all support and encouragement. All sorts of pompous, self-important government officials have threatened them with fire and brimstone simply for having the courage to stand up for their rights and even went as far as calling them an embarrassment to the nation. This is sheer bunkum.
Patriotism does not mean keeping quiet in the face on incompetence, injustice and inconsideration. No one has resigned, been sacked, suspended or relieved from their duties for causing such unnecessary and unwarranted hardship on patriotic citizens. Nigerians have every right to stand up for their entitlements and keep government officials in check. What is an international embarrassment is the way those in charge of our affairs never seem to be able to get things right and rather than apologise for their failure, continuously exhibit nothing but contempt for the long suffering citizen. Another key area in which those in charge have failed and make us all suffer unnecessarily, concerns our currency notes. Those in charge of our economy claim that we are all too stupid to understand why they can’t get it right. Even if it is true that only highly educated people can understand economics, even the most ignorant Nigerian knows enough to comment on the physical condition of the Naira as opposed to its economic and financial condition.
The general public are tired of complaining about the condition of our currency notes. For reasons best known to them banks are now issuing torn, mutilated, fake and unhygienic currency through their ATM machines and over the counter. In 2007 the Central Bank of Nigeria (CBN) introduced polymer currency notes in the N5, N10, N20 and N50 denominations. Less than ten years later Nigerians are now rejecting the notes either because they have shrunk or have faded to the point where they can no longer be spent. The poor quality and short life span of polymer notes in hot climates is legendary. The CBN itself has now admitted that such notes are not suitable. Worse still the destruction of the polymer bank notes has proved to be a challenge because of environmental constraints. Is it really possible that no one thought of this when the idea was being mooted, or it was all just another scam? The fact that paper currency is torn or faded is supposed to have no effect on its value.
Money shouldn’t lose its function because it is partially torn. In the southern parts of Nigeria rejecting notes is commonplace, while in the North however this hardly done. Once upon a time it was normal and routine for banks to accept torn or faded notes in return for decent ones, but those days have gone. No longer concerned with customer service our banks routinely reject old notes which customers want to deposit while at the same time issuing smelling, dusty, bacteria infected currency. Issuing defective notes to their depositors is certainly connected to the fact that banks sell new notes to currency dealers who in turn sell them to the general public for a profit.
Nigeria is the only country in the world where its own currency is for sale within its borders! What is worse is that these new notes are mainly sold at social functions. Once it has been purchased it is thrown (sprayed) on the floor for people to trample on! The Central Bank Decree Part V sub-section 18(d) says that the bank shall “arrange for the destruction of currency notes and coins withdrawn from circulation…”, but somewhere along the line this isn’t happening. The CBN has tried several campaigns to encourage citizens to treat Naira notes with respect. In 2006 they launched a “Stop the Abuse of the Naira” campaign with a “Handle the Naira with Pride” slogan, but just like all other initiatives it not-surprisingly failed. Chapter 16 of the Criminal Code Act which deals with defacing money is obsolete. In 2014 the House of Representatives moved a motion to end the continuous abuse of the Naira but little has been heard of it since. Undeniably Nigerian currency notes are among the dirtiest in the world.
As the value of our currency has declined so has its condition. Wallets and purses are not used by the majority of citizens. Women do not fold money habitually as men do, they crumple and squeeze notes on a daily basis. In our markets the bacteria, sweat and moisture accumulated by notes being kept in the ample cleavages of our market women contributes in no small measure to the problem. There is simply no excuse for a nation that can afford luxury vehicles for political leaders, to be unable to keep hygienic currency. Authorities should tackle the problem urgently otherwise a seriously infectious decease could be spread through theses bacteria infected notes.