Dear Emefiele ,it is sad to hear that the new 500 Naira note and 1,000 Naira note
will be phased out,
I'm writing you this to express my displeasure
On the monetary Policy that was
announced late last year but failed in its implementation.
I hope you saw the sufferings of the masses due to the policy ,a lot of us lost money some lost loved ones due to inability to access to their own funds for hospital or daily transactions, some people ran out of business, goods worth millions were lost because people didnt have cash to buy goods or even pay for services and in all these scarcity
we saw celebrities flaunting the same scares new naira notes on social media..
The essence of the monetary Policy was right but implementation was bastardize by some elements in the banking sector and in high places in the society ,in all these we noticed kidnappings reduced , their was also reduction in herdsmen attack , and bandits attack but that cannot be said of now ,those vices have resumed in Full Force since the reversal or extension of the naira swap till december 2023.
To be sincere I have not seen or touched the new note since the extension of the currency swap to
2023,i feel the major solution to this monetary Policy bruhaha Is to totally scrap the 1000 and the 500 Naira note from the economy,this will force the masses to use the electronic means of banking more,this will reduce kidnapping to the bearest minimum,,reduce money laundering, stop politicians from storing cash in their hideouts for their selfish interest ,if the 1000 and 500 Naira note get scrapped,it will leave the 200 Naira note has the highest denomination ,stashing of 200 naira notes in houses cannot be convenient.
The 1000 Naira notes and 500 notes which was released in October 2005 was in response to the expansion in economic activities in the country, the masses wanted a more easy and efficient payment method and the e-banking was not a popular means of transaction, that led to the introduction of the higher denominations .
The 1000 and 500 naira notes was launched in 2004 by a consortium of banks, the Nigerian
interbank settlement system (NIBSS) introduced the NIBSS Electronic Transfer Fund ( NEFT) to boost the electronic payment system in Nigeria ,this was not popular amongst the masses because of the lack of proper internet services ,gadget and sensitization of the people and the urge for physical cash for transaction continued , this was misused by corrupt politicians who started settling and stashing in thier various hideout and keeping it out of the eyes of anti-corruption agencies .
This led to the increase in kidnapping and Ransom taking ,kidnappers collected cash in 1000 Naira notes and 500 notes in bags for victims in their den,it is safer to them to collect the money in cash than collect it through internet banking as to not get traced by anti-corruption agencies or security agencies..
Dear CBN governor with the ease of transferring money in this present era, conveniently you can transfer millions in your toilet ,in your bedroom, in your sitting room, kitchen or in every confined area you are in ,the need of the higher denominations are no longer needed in the economy and i am advocating for the be scrapped and removed totally from circulation, Scrapping this denominations will strengthen our economy ,it will reduce money laundering, storing and stashing of stolen funds in different places by corrupt politician, it would discourage ransom taking by kidnappers, bandits and terrorists who take ransom from kidnapped victims .
The need to have 200 Naira notes has the highest denomination in circulation will be a blessing in the long run as it will not be easy for any politician to starch 200 Naira notes of stolen funds in their apartments ,kidnappers, Bandit ,terrorist would be discouraged from collecting 200 Naira notes for it will be too cumbersome to carry along And the electronic banking cannot be an avenue for them because they will be traced by the security agencies, the scrapping of the 1000 and 500 Naira notes will also save millions from it by printing
though they will be an increase in demand of the 200 naira notes ,the scrapping of these notes will help the economy to take out the billions of counterfeit 1000 Naira and 5,000 Naira notes in circulation at the moment as well m
Dear Emefiele scrapping the 1000 and 500 Naira note will be a blessing to the nation in the long run,
I await your response from a concerned citizen thank you...
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