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CBN

Polymer Currency: Waste, Deceit & Commonsense

IN April 2019, CBN made good it’s over a year old promise, to tackle the acute shortage of lower Naira denominations by flooding the market with fresh supplies of N50, N20, N10, N5 Polymer denominations, to facilitate settlements and restrain compelled higher off-the-shelf prices in millions of retail outlets, nationwide. It is not clear, if the N100 paper denomination, which is alleged to bear an offensive religious symbol, was included in the fresh currency profile.

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Naira, CBN, PDP, FAAC, assets

Kobo coins and failed monetary strategy

IN an apparent admission  of public rejection of lower Naira denominations for daily transactions, the CBN has embarked on a project designed to reportedly mop up, over-circulated and mutilated bank notes from the market. CBN Deputy Governor, Operations, Folashodun Ade Shonubi, announced, in April 2019, that the apex bank was putting in place strategies to enable “direct disbursement of lower bank notes to various market Associations and Merchants through their respective Deposit Money Banks (DMBs), in order to eliminate unfit and counterfeit currency from the system, to sustain public confidence and preserve the integrity of the National Currency, as enshrined in Section 2 of the 2007 CBN Act.”

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Inflation, Nigeria

INFLATION: The invisible super terrorist

NIGERIANS know too well, that sinking feeling when all items on the household shopping list cannot be covered by the usual monthly budget. The options invariably become whether to cut down or do without some basic items, or alternatively make do with less preferred but cheaper substitutes. The depressive impact of a continuous price spiral on the average family’s welfare is, therefore, a very familiar theme. 

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Remove subsidy and die or keep subsidy and die ― Henry Boyo

The IMF Managing Director, Christine Lagarde, recommended, at the latest IMF/World Bank, Annual Spring meeting in Washington, that the removal of subsidy from petrol price would restrain Nigeria’s rapid debt accretion, so that erstwhile trillions of Naira, subsidy allocations could be deployed, annually, to improve the quality of health, education and infrastructure.

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keystone bank

Oppressive bank charges: Mr. President please stop this daylight robbery

By Henry Boyo ‘REGRETTABLY, banks seem to perceive customer deposits as a burden which must be taxed, rather than the actual base on which their total lending and ultimate profitability is primarily predicated. For example, with the present mandatory Cash Reserve Ratio of 22.5%, a customer deposit of N1000 will create at least additional N4000
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Parable of the fool and his money…

The other day, a friend narrated a story, which I found stranger than fiction; the story related to the travails of a family who lost a successful and illustrious breadwinner, who unfortunately, also died without a Will.  Consequently, the family elders were formally entrusted with the responsibility to efficiently manage the estate of the deceased for the benefit of his children and dependants.

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