New naira notes: Where do we go from here?

• Published date: 03 February 2023
• Publication title: Nigeria - The Nation

SIR: The essence of the government is to better the lots of the citizenry. The expectation is that every government policy will improve the lots of the people. This is to say that every policy should have a human face. But in Nigeria, the reverse is the case. What we witness are half baked policies that leave the people worse than they were met.

Some unforeseen consequences are to be expected. This is to say that there is always a flipside to any policy. From implementation to evaluation, there is always need to put in place mechanisms to cushion the unintended effects of such policies on the people.

We are certainly not devoid of ideas in this country. But our problems have been how to translate these ideas to the tangibles in order to benefit the citizenry. More often than not, when policies are initiated, the process of implementing them tend to be punitive; sometimes creating brisk business for the middlemen who would always capitalize on these to milk the common man dry.

Take the on-going currency swap by the Central Bank of Nigeria (CBN) as an example. Today, the hardships in the country have tripled. The already fragile economy is being pushed to the brink. There is increased hunger because people can no...