5,000 WHAT?
A PROJECT TOPIC ON
N5,000 NOTES AND THE DYNAMICS OF THE NIGERIA ECONOMY
Dedicated to The Nigerian populace
CHAPTER ONE
CASHLESS / CASHLITE POLICY
The Central Bank of Nigeria in their display of eagerness
to be seen to be doing something, other than improving the value of our Naira, they
want to reduce cash flow in the system. And so they introduce some impotent
magic that they called CASHLESS. And
after second thought on realizing that the economy actually needs some small cash to run, they
decided it should be called CASHLITE.
But believe me when I say that we are not sure which is the official
title.
CHAPTER TWO
INTRODUCTION OF N5000 (FIVE THOUSAND NAIRA) NOTE
Nigeria’s apex bank have now proposed the introduction of
a N5,000 (Five Thousand Naira) note still in the effort to reduce cash in the system. Alongside this new note, partly as security
measures, other notes in circulation would be changed and the N20 (Twenty
Naira), N10 (Ten Naira), N5 (Five Naira) notes would become coins.
CHAPTER THREE
CONCLUSION
Whoever the architect of the purported brilliance of our
apex bank in the current happenings should think about this:
1. While presently the man on the street cannot withdraw from
his own account, (take note: his own money) more than the sum of N150,000 (One
Hundred and Fifty Thousand Naira) in one day, we can have bribery scandals involving
a honorable and an oil mogul of up to hundreds of thousands of DOLLARS carried
around in cash. This in naira conversion
run up to tens of millions of Naira.
This is how cashless our dynamic economy can be. 
2. The Nigerian
public has been told that N5,000 is meant to easily facilitate interbank
transactions. As such if you are given
N5,000 notes across the counter, you may refuse it.
But nobody wants to tell us that it would also facility
easy movement of “Ghana must go” money bags for easy political maneuvering.
3. And to replay the drama of pitching the people against one another like in the case of the change of name of University of Lagos, they tell the people that the faces of 3 of their national female heroes past would grace the N5,000.
( Please Cancel)
3. Does our apex bank know that one cannot get new N50, N20, N10 and N5 naira notes from across counters at the banks? Silly question, I forget that these lords of the apex bank don't travel through our motor parks where these new notes mentioned above are up for sale!
4. Road side
economists who do not need certificates from any higher institute of learning
know that coins are “ILLEGAL MONEY TENDERS” in this country. So, evidently, according to the formula of
road side economists, change of N5, N10 and N20 notes to coin translates to a
sachet of water that sells for N10 to eventually go for N50. But according to our Central Bank experts,
this change of currency does not negatively affect our economy. I think our apex bank experts should be
forgiven if they don’t understand this road side economy formula. Apart from the fact that this road side
formula could not have been taught at their prestigious institute of learning, they
don’t take water in sachets.
5. Because Nigeria’s coins are not acceptable on the
streets, there are those who have decided to find some other use for them. These rejected coins are now the cornerstone raw
materials for jewelries beyond the border of the Lagos metropolis into another
West African country. Talk about a
dynamic economy.
6. Lastly, if it so cheap to produce coins as against
notes and knowing by experience from road side economics that these coins would
soon after release easily earn the economic statues of “ILLEGAL MONEY TENDERS,”
why don’t the so brilliant economists of our apex bank take this advice:
CHANGE N5,000 (FIVE THOUSAND NAIRA) AND N1,000 (ONE
THOUSAND NAIRA) NOTES TO COINS! Better still, CHANGE ALL THE NOTES TO COINS!
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