Foremost African financial institution; Guaranty Trust Bank plc reaffirmed its…
By Eruobodo Lanre Oyenuga
If you are friends with; our Vice President, Yemi Osinbajo, Minister of Finance, Kemi Adeosun, or the CBN Governor, Godwin Emiefele, please help me tag all in this post. Cash based retail businesses in Nigeria is being destroyed today by staff of our CBN in charge of distribution of new lower denominations currency – the N50, N100 and N200 notes.
Rather than send these new notes to our banks, as replacement to the old and thorn ones, these CBN staff route the “mint” notes through an illegal association of currency traders, whose members litter party event centres, to hawk these new notes to Nigerians, wanting to use same to “spray” at parties, often at premiums as high as 30%-40%!
The effect of these institutionalized corruption inside our CBN is that, these lower denomination currencies have become so so scarce, that our traders are losing as high as 50% of turnovers there from. Each time you want to buy any article of between N50 to say N500, the very first question the traders ask is: “Do you have change”?
If you don’t understand my point, what I’m is saying is, this country is losing billions of Naira in trading opportunities daily, from the criminal activities of possibly less than 100 people in our CBN! This must stop!
This act is 100 times worse than our SARS that went rogue! It is silently destroying the trading/retailing arm of our economy!
Mr. Osinbajo heads this country’s economic team. The Governor of the CBN is necessarily part of that team. Please let these men know, the activities of our CBN staff are killing the economy.
New notes are serially numbered. The serial numbers of every of these issued to any bank are recorded. These numbering and issuance can be computerized and made available to all banks.
Since the personnel of the banks in charge of these notes are also known. Thus, if the banks/CBN wants to trace how any batch of money got to the hands of these hawkers/vendors, it is simpler than tracing footprints on the sand.
The simple reason this evil business has continued is because, it primarily harms the lowly, to the traditional corrupt benefits of the affluent in our society! Unfortunately, we are losing million folds economically!