Nigerian born Chinua Achebe one of Africa’s great Authors once said, ‘When the center cannot hold, Things Fall Apart’, a famous line in one of his best selling works.
With over 500 tribes, Africa’s most populous country Nigeria faces an uphill task, rebounding it’s economy which has suffered a downward trend posting the highest inflation figures at 20percent.
This has driven the cost of living up.
In order to firm up their currency & economy heavily dependant on imports, Nigeria’s central bank last week engaged an unconventional measure, redesigning their local currency notes.
This in order to cause an exchange of the old currency for a new one as the system reigns in control over a poor financial situation.
Between the lines however, they are bidding for a big catch-Hoarders with huge sums of cash stashed away in private safes outside of the banking system.
They would have no choice but be forced to comply as an exchange deadline of January 2023 closes in. Problem is, the system’s stringent measures require declaration of sources of income & Finance, Tax receipts, etcetera.
Billionaire- honchos with illicit funds were thrown into a billionaire dilemma! As the 2 parties prepared to square off each other, these shrewd Finance shenanigan’s devised a ploy to evade the system, by converting their Naira to U$ dollars.
This has created a scarcity of the dollar currency, consequently weakening the Naira driving inflation even higher.
Money, It is good, avails you better options. But with a no end to the hierarchy of Life’s Needs, Does it ever suffice More Money, Big Money, How Much Money!
According to the big book, the Love of money is the root of all Evil. So will Nigeria, Africa’s largest economy, beat the odds of its Fatal Attraction, & not sink further into hard times.
If you were chatting to Our Kahinda Otafiire (and don’t you find his humour quite something) he’d probably sign off with, ‘Leave Issues of Nigerians to Nigerians.
Mwalimu J. Nyerere couldn’t say it better when he told off the West for meddling in African Affairs, ” Independence also means the Freedom to make our own Mistakes, & learn from them without your opinions.
Have a Great Weekend & while at that don’t leave issues of public health safety-Ebola, to Health workers alone, Mind your safety.
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