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As the naira continues to appreciate in the parallel market, it is not out of place for the Federal Government to appeal to the United States to set a restriction on acceptable legal tender note of US dollar. This will ensure that any US dollar note below a particular printed date cannot be tendered anywhere in the world. This effort will curb billions of dollars acquired from drug-trafficking, terrorism, kidnapping, banditry, money laundering, corruption, among others.
The naira might have in the last 72 hours picked a quick rise against the dollar at a time the CBN is talking about redesigning the currency, but isn’t this a reprieve? Does this erase the poor performance of the naira when the western world is in need of oil occasioned by Russia’s oil boycott? Nigerians can heave a sigh of relief when the dollar can easily be obtained in banks by manufacturers, travelers and other essential needs.
Notwithstanding, the dollar has been crashing for days and other currencies including the Japanese yen, China’s Yuan, pound, euro among others. Ultimately, dollar redesigning will complement the CBN’s plan to redesign the naira. However, in as much as the redesigning has recorded more deposits in banks since its announcement, those I call the naira hoarders may look for more hideous ways to exchange naira to the dollar and thereby escape the prying eyes of the EFCC.
It’s high time Africa spoke with one voice and mount pressure on the U.S.A. to checkmate dollar stockpile in Africa. However, as the giant of Africa, Nigeria can take the lead while others will follow. This, in the long run, will put the African economy back on its feet and yield plentiful economic gains for the most underdeveloped countries.
Adejare Adegbenro, Abuja
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