Pressure ti wa, but we move, By Toyin Falola
Whatever problems the country is currently facing, consider them a sacrifice and the price we must pay to save our land from the hands of the devourers. We fought these wars and won, no matter how small our victories. Really, the pressure ti wa, but we are Nigerians – no matter the pressure, we move!
Sufie stands in the scorching Sabon Gari sun; his hands sticking out like a statue. He had no energy to speak and his legs were failing. But he found himself in the middle of the others, some on the ground and others running after each passing vehicle – each with his own problem. His last energies are reserved to keep him upright as long as he can and he stretches his small hand as far as he can. He had just returned from the nearest buka, where he normally brought customers' leftover food, but wallahi no customers this time, so he has to deal with it. Sufie is one of many beggars, but business is not business as usual. He learned a new English expression, no money, from everyone he begs for money. Which sounds more like a bad omen. They all say the same thing as they walk slowly past him. From their demeanor and the looks on their faces, he sometimes thinks their problems are much bigger than his own. No one deposits new ten naira notes on beggars' plates, an obligation they usually do after receiving instructions from their spiritual guardians to give ten N10 notes to beggars or do something similar. Standing emaciated, Sufie has not eaten for two days and there is no hope of food in sight. No money! Beggars suffer more!
Babagana, a sugarcane cart pusher, watched helplessly as his eight-year-old son asked for his daily food money at school. He rolled his eyes and wished it wasn't his reality. A few months ago, he could confidently boast of his neatly stacked naira notes under his Ghana must go bag. Not too far in a separate community, Mama Sade, a small retailer, is also counting her losses as her tomatoes perish without patronage. His company no longer has the perspective it once had. The Emefiele saga has reached her. Mom doesn't get the transfer back! The pressure is rising.
On October 26, 2022, CBN Governor Godwin Emefiele announced that naira banknotes would be redesigned, with the Nigerian government saying it would be a good attempt to withdraw the more than 3.23 trillion naira in circulation . The apex bank had claimed that one of the reasons for enforcing the policy was the fact that around 85% of naira notes are in circulation, outside the country's bank vault. Well, every society has to find ways to strengthen its economy and a move towards a cashless policy is the right attempt to revitalize the economy; however, the challenge lies in the relevance of the application of these policies and their effects on the population. The welfare and interests of the people must be taken into account in the first place in all policy-making processes. All application procedures should be carried out carefully and in the best way, so that they have a minimum impact on people.
Till today, Nigerians are still wondering "why this urgency?" If the goal is to curb electoral malfeasance, then why start the process a few months before the election? Regardless of the gimmicks and jokes about 'colored' naira notes being taken too far, the general consensus on the streets is that (1) the government and others would enact new policies to ensure their success at the polls ; (2) there is sabotage targeting political parties and aspirants to the upcoming elections; and (3) there are massive embezzlement schemes by the outgoing government; among other things this and that. While these are largely unfounded, given the state of affairs, the probabilities and the immediate effects of the policies, many have been unable to come up with arguments that would refute street assumptions. But the question I will always ask is: why the pressure?
You don't have to be an economist to know this; so CBN, why the pressure? After taking money from individuals, what alternatives were offered? Mo...
Whatever problems the country is currently facing, consider them a sacrifice and the price we must pay to save our land from the hands of the devourers. We fought these wars and won, no matter how small our victories. Really, the pressure ti wa, but we are Nigerians – no matter the pressure, we move!
Sufie stands in the scorching Sabon Gari sun; his hands sticking out like a statue. He had no energy to speak and his legs were failing. But he found himself in the middle of the others, some on the ground and others running after each passing vehicle – each with his own problem. His last energies are reserved to keep him upright as long as he can and he stretches his small hand as far as he can. He had just returned from the nearest buka, where he normally brought customers' leftover food, but wallahi no customers this time, so he has to deal with it. Sufie is one of many beggars, but business is not business as usual. He learned a new English expression, no money, from everyone he begs for money. Which sounds more like a bad omen. They all say the same thing as they walk slowly past him. From their demeanor and the looks on their faces, he sometimes thinks their problems are much bigger than his own. No one deposits new ten naira notes on beggars' plates, an obligation they usually do after receiving instructions from their spiritual guardians to give ten N10 notes to beggars or do something similar. Standing emaciated, Sufie has not eaten for two days and there is no hope of food in sight. No money! Beggars suffer more!
Babagana, a sugarcane cart pusher, watched helplessly as his eight-year-old son asked for his daily food money at school. He rolled his eyes and wished it wasn't his reality. A few months ago, he could confidently boast of his neatly stacked naira notes under his Ghana must go bag. Not too far in a separate community, Mama Sade, a small retailer, is also counting her losses as her tomatoes perish without patronage. His company no longer has the perspective it once had. The Emefiele saga has reached her. Mom doesn't get the transfer back! The pressure is rising.
On October 26, 2022, CBN Governor Godwin Emefiele announced that naira banknotes would be redesigned, with the Nigerian government saying it would be a good attempt to withdraw the more than 3.23 trillion naira in circulation . The apex bank had claimed that one of the reasons for enforcing the policy was the fact that around 85% of naira notes are in circulation, outside the country's bank vault. Well, every society has to find ways to strengthen its economy and a move towards a cashless policy is the right attempt to revitalize the economy; however, the challenge lies in the relevance of the application of these policies and their effects on the population. The welfare and interests of the people must be taken into account in the first place in all policy-making processes. All application procedures should be carried out carefully and in the best way, so that they have a minimum impact on people.
Till today, Nigerians are still wondering "why this urgency?" If the goal is to curb electoral malfeasance, then why start the process a few months before the election? Regardless of the gimmicks and jokes about 'colored' naira notes being taken too far, the general consensus on the streets is that (1) the government and others would enact new policies to ensure their success at the polls ; (2) there is sabotage targeting political parties and aspirants to the upcoming elections; and (3) there are massive embezzlement schemes by the outgoing government; among other things this and that. While these are largely unfounded, given the state of affairs, the probabilities and the immediate effects of the policies, many have been unable to come up with arguments that would refute street assumptions. But the question I will always ask is: why the pressure?
You don't have to be an economist to know this; so CBN, why the pressure? After taking money from individuals, what alternatives were offered? Mo...
What's Your Reaction?
