Afrigather 
“Nothing is extra highly effective than an concept whose time has come.”
– Victor Hugo
When the Presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, made the well-known ‘Emi Lokan’ (It’s my flip) assertion in Abeokuta, Ogun state capital, days earlier than the social gathering’s primaries final 12 months, to underscore the truth that 2023 is his flip to serve within the highest workplace within the land, Nigerians reacted on the premise of their particular person sentiments, bias, and feelings at the moment. Whereas the neutrals noticed the assertion as mere politicking, his critics discovered his sense of entitlement as useless and unpatriotic. His supporters nonetheless affirmed his rights to so declare.
The overwhelming majority of Nigerians nonetheless didn’t see past that day within the sense that his phrases would contribute to the nation’s future vocabulary. A former president, Chief Olusegun Obasanjo, was nonetheless an exception as a result of months later, when he met Tinubu he advised him that with the long-lasting tackle he made to Ogun state delegates that day, he had added three essential phrases to the nation’s political lexicon. And people phrases will proceed to be deployed in official and unofficial quarters by way of written and verbal communications. Apart Emi Lokan, the 2 different phrases in line with Obasanjo had been Olule (he crashed) and Eleyi (this one).
The continued chaos throughout Nigeria about naira shortage and the truth that Nigerians have a viable choice they aren’t utilizing is one other alternative to deploy Tinubu’s ‘Emi Lokan’ (mental) property and say ‘e-Naira Lokan.’
e-Naira will not be the primary and might not be the final. However as I sort this, it’s the greatest, the most secure, the quickest, the most cost effective and most handy choice, most significantly, it’s accessible on the click on of a finger. Subsequently, struggling for lengthy hours in banking halls and ATMs, paying exorbitant fees to gather money from the few Level of Sale (POS) operators prepared to dispense is like going hungry whereas working and residing on a meals plantation with a lot choices.
Evolution of the Nigerian Medium of Alternate/Forex
Like each different facet of her nationwide life, the Nigerian forex has advanced over time, shifting from one stage of growth to a different. After the period of commerce by barter, cowry shells had been broadly used as a medium of change till 1907 when the British West African pound was launched. This was in use till 1958 when the Nigerian pound was launched.
Manilas, beads, bottles and salt had been the opposite gadgets that had been used as medium of change apart cowry shells earlier than the approaching of the Kilos.
The primary main forex problem in Nigeria was undertaken sequel to the colonial ordinance of 1880 which launched the Shillings and Pence because the authorized tender forex in British West Africa. The models of cash managed by the Financial institution of England had been one shilling, one penny, 1/2 penny and 1/10 penny and had been distributed by a non-public financial institution, the Financial institution for British West Africa until 1912.
From 1912 to 1959, the West African Forex Board (WACB) issued the primary set of banknotes and cash in Nigeria, Ghana, Sierra Leone and the Gambia. The very best banknote denomination was one pound, whereas the one shilling coin was the very best coin denomination.
On 1st July, 1959 the Central Financial institution of Nigeria (CBN) issued Nigerian forex banknotes, whereas the WACB-issued banknotes and cash had been withdrawn. It was not till 1st July, 1962 that the forex was modified to mirror the nation’s republican standing. The banknotes which bore the inscription, ’Federation of Nigeria‘, now had, ‘Federal Republic of Nigeria,’ inscribed on the high. The notes had been once more modified in 1968 following the reported misuse of the forex banknotes in the course of the civil battle between 1967 and 1970.
Sequel to the choice by the federal government to vary from the metric to decimal, the identify of the Nigerian forex was modified in January, 1973. The key unit of forex which was £1 ceased to exist and the one naira which was equal to 10 shillings turned the key unit, whereas the minor unit was referred to as the kobo, hundred of which made one naira.
On the eleventh of February 1977, a brand new banknote with the worth of twenty naira (₦20) was issued. It was the very best denomination launched on the time because of the expansion of the economic system, the choice for money transactions and the necessity for comfort.
The banknote was the primary in Nigeria to bear the portrait of a distinguished Nigerian citizen, the late Head of State, Common Murtala Ramat Muhammed (1938-1976). The notice was issued on the first anniversary of his assassination which was February 13, 1977 . He was declared a nationwide hero on the first of October, 1978.
On the 2nd of July, 1979, new forex banknotes of three denominations, specifically ₦1, ₦5 and ₦10 had been launched. These notes had been of the identical measurement i.e. 151 X 78 mm because the ₦20 notice issued on the eleventh of February, 1977. As a way to facilitate identification, distinctive colors had been used for the varied denominations.
The notes bore the portraits of three eminent Nigerians, who had been declared nationwide heroes on the first of October, 1978. The engravings in the back of the notes mirrored varied cultural features of the nation.
In April 1984, the colors of all of the banknotes in circulation had been modified except for the 50 Kobo banknote to arrest the forex trafficking prevalent on the time. In 1991, the 50K and ₦1 had been each coined.
In response to the enlargement in financial actions and to facilitate an environment friendly fee system, the ₦100, ₦200, ₦500 and ₦1000 banknotes had been launched in December 1999, November 2000, April 2001 and October 2005 respectively.
On twenty eighth February, 2007, as a part of additional financial reforms, ₦20 was issued for the primary time in polymer substrate, whereas the ₦50, ₦10 and ₦5 banknotes; in addition to ₦1 and 50K cash had been reissued in new designs, and the ₦2 coin was launched.
On the thirtieth of September, 2009 the redesigned ₦50, ₦10 and ₦5 banknotes had been transformed to polymer substrate following the profitable efficiency of the ₦20 (polymer) banknote. Thus, all decrease denomination banknotes had been now printed within the polymer substrate.
Lastly, the CBN, as a part of its contribution in direction of the celebration of the nation’s fiftieth anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the ₦50 Commemorative polymer banknote on the twenty ninth of September, 2010; and the N100 Commemorative banknote on the nineteenth of December, 2014 respectively.
Naira Redesign Coverage and Money Crunch
Apart the introduction of e-Naira notes and money withdrawal restrict, the key masterstroke within the justifiable drive to maneuver Nigeria into full cashless economic system and drive down inflation has been the laudable naira redesign coverage which is nonetheless recording sure unintended penalties.
As a part of efforts to scrub up the economic system and save the Naira from the free fall it has skilled in recent times, the CBN introduced the introduction of recent N200, N500 and N1000 notes late final 12 months. Whereas the brand new notes had been launched by President Muhammadu Buhari on November 22, 2022, clients had been alleged to reap the benefits of a couple of four-month window to return their outdated naira notes to the financial institution.
However the previous few weeks have been about sorrow, tears and blood for Nigerians owing to the shortage of each the outdated and the brand new naira notes. Banking halls, ATMs and POS centres have develop into a watch sore due to the push and desperation to entry money that’s now very brief in provide. Folks now go to mattress hungry as a result of they’ve cash of their accounts however can’t entry it and too many Nigerians are nonetheless obsessive about carrying money on this jet age!
To make issues worse, web banking has been a catastrophe lately. In all probability as a consequence of too many individuals making an attempt to make use of it on the identical time, financial institution networks are not dependable and as a rule, transfers fail to ship and individuals are stranded.
e-Naira Says “Emi Lokan”
Within the face of this chaos, the CBN had since October 2021 launched the e-Naira to the Nigerian public. It was launched with fanfare by President Buhari. Whereas it was greeted with skepticism and doubt on the preliminary stage, Nigerians are starting to embrace it extra now. However fairly than being obsessive about money that’s not there and web banking that’s neither constant nor dependable, that is one of the best time to totally embrace the e-Naira and dwell in peace and luxury. It’s because e-Naira eliminates all of the routine challenges related to common banking. And the continued pandemonium would have been simply averted if Nigerians had listened to CBN governor, Godwin Emefiele, instantly he made the clarion name in October, 2021.
Speaking about what Nigerians who aren’t but on the e-Naira platform are lacking, the CBN’s Director of Data Know-how, Mrs Rakiya Muhammad, in a chat with the Eonomic Confidential mentioned: “The e-Naira is a expertise that eliminates or attempt to minimise intermediaries between two folks conducting transaction. So, it’s simpler, sooner and cheaper and all that.”
She continued: “Now, I’ve been speaking about people who find themselves privileged and who’ve web connectivity, they’ve good telephones. In Nigeria, though we’re celebrating the uptake of cellular expertise, cellphones and all that however we do know that solely about 20 to 30% of our folks, in line with statistics, have good telephones which implies the remainder of the folks can not obtain the pace pockets though we do have an online pockets, should you go to www.mywallet.enaira.com it is possible for you to to create pockets, it is possible for you to to do all the things like an web enabled laptop.
“So, we now realised that Nigerians who lack good telephones produce other type of telephones, so we associate with the telecom firms. For now you probably have MTN or 9mobile you possibly can really dial *997 and it is possible for you to to create your e-Naira pockets, it is possible for you to to switch cash, purchase knowledge or airtime on any type of telephone.
And we’re working to onboard Airtel and Glo. So, as quickly as they arrive onboard any type of line you utilize, you possibly can be capable to entry e-Naira with out having a wise telephone or being related to the web.
“We launched that in Kano typically in July final 12 months as a result of we realised that they’ve giant inhabitants of people who find themselves largely unbanked, they don’t have BVN.”
Most significantly, she concurred that the forex shortage and the noise round it will have been averted if majority of Nigerians had seen the sunshine and enrolled on e-Naira platform lengthy prior to now.
Amongst different advantages, she mentioned e-Naira supplies safe and cheaper diaspora remittance choice and makes such transactions are sooner to make sure that people get extra worth for each Naira they earn. As regards native funds, she additionally mentioned folks can boycott the queues and pay taxes and payments from the consolation of their properties in a better and reliable trend.
The Director even have phrases for these anxious concerning the security and safety of banking particulars, assuring that the transparency within the system makes all the things traceable.
She famous that people can monitor their e-Naira pockets, verify balances and examine transaction historical past with ease and the platform permits customers to ship cash to 1 one other via a linked checking account or card.
She due to this fact inspired Nigerians to cease the craze for money and obtain e-Naira or use any of the codes to affix and begin shopping for, promoting, paying payments and all that.
Additionally talking on the naira shortage and the way e-Naira may also help, the Everlasting Secretary within the Ministry of Humanitarian Affairs, Catastrophe Administration and Social Improvement, Dr Nasir Sani-Gwarzo, advised PRNigeria that on the advice of the CBN, his ministry had enrolled about 1.6 million beneficiaries of its social intervention schemes into the e-Naira platform. To underscore how simple and environment friendly the e-Naira is, he added that all the quantity was registered in lower than one month!
On the money crunch within the system, he mentioned: “Nigerians are solely complaining concerning the cashless system as a result of they haven’t absolutely embraced the e-Naira however the time will come that everybody shall be on it and we’ll begin asking ourselves why didn’t we do that many years earlier?”
Based on him, the e-Naira has a number of benefits for which Nigerians shall be grateful to the CBN after they absolutely embrace the concept.
Itemizing among the benefits, he mentioned it’s simpler and cheaper to function, no financial institution fees, bottlenecks and intermediaries and in contrast to industrial banks no likelihood of depositors shedding their monies because the CBN can not fold up.
Certainly, there may be time for all the things in life. A time to get up and a time to sleep. A time to be born and a time to die.
Cowries have had their time simply after commerce by barter. Even manilas, beads, bottles, naira notes, and polymer notes have had their time… However this time, e-Naira Lokan…
Abdulrahman Abdulraheem is Managing Editor Economic Confidential
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