Good morning beloved Friends and Covenant Partners. We believe you had a sufficient and peaceful night’s rest. We write from the rural of rural but we feed the urban. Hence without us, you go hungry and without you, we lack funds meaning no man is an Island. A few days ago we started a discussion on the Naria redesign and honestly we enjoyed the thought line of many people.
Though some ignorant people gave a bill of insensitive insults and damaging information. We have long forgiven and pushed on. We also discovered in the cause of analyzing some critical criticism that many people have been paid to author documents of conviction. Then of course that is not our dwelling today. We have earlier on promised to come back with further information and possibly help with preparations.
We are very sure you have been reading dailies and understanding what we jotted down a few days ago.
You are on the knowledge that The Presidency, The Central Bank, and The financial headquarter of Nigeria are NOT in the agreement or are not understanding themselves in the business of redesigning of Naria. Before the National Assembly the Finance minister claimed She was not in any information of the Naria redesign, the Central Bank immediately responded we have approval from the President and a few hours later the Presidency via the President confirmed that they actually approved the Naria notes redesigning. Please we want you to imagine a system where the office of the Finance Minister is not in the known of redesigning of Naria notes, who then had the meeting and with who? Again who advised the Presidency when the idea was initiated and who was supposed to be in the best position to advise on the way forward? If the Presidency bypassed the Finance minister to discuss Naria notes redesigning with Central Bank Governor meaning the Presidency has declared the Finance minister confidence instability and if the Central Bank bypassed the Finance minister to discuss the issue of Naria notes redesigning then means strategic secrecy. Our concentration in this piece is the derivatives
#1 Currency redesigning is a Sacramental policy tool to put in check counterfeit currency and financial manipulation. This financial manipulation could assume any strategy to bring back the sovereignty of the national currency. This is one of the major reasons advanced by Central Bank representatives. It is normal and best Global practice.
#2 The action or the process will enable the apex bank to withdraw old and dirty Naria notes is an honorable thing to do in the circumstance.
#3 The process will in no way add economic value to the citizens of the nation rather it will impose on the citizens emergency and temporary hardship but Government will ultimately gain and if government properly manages the gain the citizens will enjoy the end product which will result in public expenditure.
#4 The prices of things will skyrocket because of panic buying. This has started already. As at today, Dollar is heading for 900k and whenever the Dollar is affected it affects every single thing around us because we depend on the mercies of the Dollar in Nigeria.
#5 The prices of goods and services will be on a major increase due to the flood. You remember that almost 75% of the food consumed in Nigeria comes from the rural economy and the present flood has affected in a very serious way the food by its destroying of the farms across the nation. Hence the few remaining will be competing with high demand thereby forcing prices up. Once the food is affected, transport will be affected, petroleum products will be affected. Already gas is heading to 12k, diesel is almost 1k per liter. Kerosene is a go area as of today and wood has added money as well.
#6 Very soon you will be seeing Naria notes stored in warehouses across Nigeria as Justification of the Naria notes redesigning. Some of these things are manipulated to convince us of the urgency. Remember we are not against the process in short it is long overdue but we are only against the deceit and the timing.
#7 It is not the whole truth that the process will stop kidnapping, and discourage bandits and ransom-taking. These vices are to be stopped by the strategic deployment of qualified, intelligent, well-experienced, and coordinated forces. Not experts at dues collection checkpoints. In short, the process may likely increase these vices because they will be in lack of funds and hence will go all out to recruit funds.
#8 it is not also full truth that it will make EFCC to caught up with politicians who have acquired illicit funds. The truth is that no intelligent politician will reserve his or her funds in Naria or store it at home. They have used their money to acquire choice properties all over the world and are ready to sell off during the election. By the way, how have we all of a sudden put confidence in EFCC? How many such people have been prosecuted in the past?
#9 Our fear is that this process though wonderful but maybe used to witch-hunt none accepted candidates during the forthcoming election. We see a situation where the banks will have a short supply of the new currency which will force the banks to rationalize the available fund to customers while the favorites are given presidential treatment. In that circumstances, people can be forced to collect money from favorites and vote against their consciences. Don’t micromanage hunger. Hunger is the main reason why we are in this cave of slavery.
#10 We advise you to mobilize the rural dwellers who are not carried along with the information going on Naria notes redesigning. Many of them are not banking customers, they keep their money with them, and believe me it runs in millions. They are not aware of what is going on currently and if they are not sensitized the money will remain with them for three to four years after the exercise.
#11 The reason for advocating for more time is to create sufficient awareness and eradication of suspicions. You know that Nigerians are skeptical of our leaders because of antecedents. Hence it will take an average Nigerian to buy into this process minimum of six months. Remember up till now many people are still skeptical about Covid 19 immunization much more about their hard-earned money. January 2023 as the effective date to phase off the present currency is too sudden for the ordinary citizens of which over 85% of our population belong there except there is something that meets the eye we are yet to know. Why the ambush? Why the hurry? and why the secrecy?
#12 Remember in all of these episodes the salaries and wages including allowances of the common and ordinary Nigerians remain constant, insensitive abi? We have heard that the salaries and allowances of the first 6 staff of Nigerian Nation is being considered for a raise! Wow, what a Nation!
#13 As we conclude this piece we will like to advise that, instead of you returning all your money to Bank and be subjected to shortage currency whereby you will be paid your money rationally over time which in turn becomes useless to you, we ask you to return some of the money to your bank for those who have a bank account and use the remaining to stock up goods and services for resale because first three months of next year will be hardship coupled if the Central Bank insists on January 31st, 2023. Again for those who are none banks please don’t give your money to anyone you don’t trust to change for you. If you are unable to open an account before then, then please do discuss with your church and pay in your cash to the church account not your pastor’s account but the church account, and the church will preserve your money and be able to give it back to you by God’s grace. There will be a lot of panic and fraudulent actions during this period. Don’t fall into wrong hands. Some people will come to you offering to help you change your money don’t oblige them even your own children don’t if they have not been trusted before now. Lots of people will be victims but don’t allow yourself and your relatives to become victims. Begin today to educate them on what to expect and how to handle it.
Thanks, much, and God’s blessings always. Meet you again next week if there is a need.
Chidi Collins OPARAOJIAKU