The brouhaha generated by the re denomination of the Naira is indeed sad. My mind is baffled by the insistence of the CBN to go ahead with this very unpopular policy despite the apparent resentment of the majority of Nigerians especially on the coining of the lower denominations and the introduction of N5,000 note. The CBN had given certain laughable justifications for the plan none of them really convincing.
The peak of the comedy show is the outburst of the CBN Governor over the public denunciation of the plan by former President Olusegun Obasanjo. The former had lambasted OBJ and accused him of being a bad economist. Ironically, he stated that OBJ introduced large denominations including N100,N200, N500 and N1,000 notes and this did not affect Nigerians adversely either through inflation or other economic indices. In his words “in that period, inflation was coming down because it was accompanied by prudent fiscal and monetary policies”
First, it is my candid opinion that this is circumlocution on the part of Sanusi Lamido Sanusi because you cannot claim that OBJ was a bad economist and yet he introduced prudent fiscal policies that helped pin inflation.
Second, it is ridiculous for SLS to tell Nigerians that OBJ’s tenure as President witnessed a downward inflationary trend. The figures that OBJ and his ‘boys’ bandied about at that time could not by any reasonable means be confirmed from actual events in the various Nigerian homes as prices of goods skyrocketed at alarming rates and our currency in a mania-like manner lost whatever was left of its value.
It is apparent that the CBN Governor’s argument is a prank or ploy to confuse Nigerians; unfortunately, it has exposed the insincerity of SLS. Should the government decide to go ahead with this redenomination without having recourse to the feelings of the Nigerian people, then it would have become clear that the gods have a hand in it. Let he who has ears hear!