Naira Notes In Circulation, A National Embarrassment

BY IFEOLUWA OLUBODUN

It’s not reckless or unsafe to say that the kind of currencies in circulation in Nigeria currently is a national embarrassment.  There is not one small currency denomination in Nigeria which would smile at you except it just came from the Apex Central Bans directly into your hands.

From the commercial banks into the streets, markets, commercial buses, the park, shops dirty, mutilated, torn, smelly naira notes have become the norm causing a lot of arguments and , embarrassment and disputes for commercial transport drivers, petty traders, and their customers among others.

The 100 naira denomination, is arguably the worst out there.

Many have said ever since the removal of the “Arabic Ajami” sign from the currency by the administration of former president, Goodluck Jonathan in 2014, the Apex bank has refused to print new notes, so, that it is about the inscription, while others blame it on the commercial banks as this old mutilated cellotaped notes are being issued to customers over the counter , and also being dispensed via the ATMs.

Several complaints over the matter have fallen on deaf ears. Some just say, as you get, spend it.

Without doubt,  it is also unknowingly host of infectious diseases. It has brought about health hazards such as diarrhea, food poisoning and respiratory problems which are spread as the notes move from person to person.

These notes, especially the 100 naira note, have overstayed their lifespan causing more harm than good. Setting eyes on a “new” 100 note would be a miracle.

On the part of the commercial banks,  it’s been noted that surcharge was one of the major reasons why the banks are reluctant to withdraw such notes from circulation or accept them from customers.

But in a swift reaction, the CBN, through the Acting Director of Corporate Communications, Mr. Isaac Okoroafor said commercial banks are responsible for this because they deliberately flood the system with such notes.

The CBN said it had been proactive in handling the matter through its cashless policy and encouraged people to use POS terminals.