Topic: The disadvantage of the new currency (Read 81 times)
In this situation, it is important for the government and relevant authorities to ensure that the transition to the new currency is smooth and does not adversely affect the economy and the people. The government can also take steps to support small businesses and encourage them to continue to operate at full capacity.
This policy will help to control inflation as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective, it will also help with better design and implementation of monetary policy as we would have much more accurate data on money supply and monetary aggregates.
The redesign of banknote in Nigeria make Many damages no to travel feeding is a problem to collect cash is a big problem they use money to buy money hungry want to kill people because their is no way eat no money to buy food,they said we should not use old banknote and they are not seeing the new currency that they said we should use were are we go Nigerians and the worst part is very surprised Someone want to the bank to take money there is no way for him to get money.Their are many crisis that happened in this scarcity of currency they burn banks people die in the process of protesting, they fight themselves because of when you go pos to withdraw they share the money with you. Business are collapsing,and I don't totally understand the country Nigeria they even respect the supreme court all supreme court ask them use the old banknotes because people are suffering. This currency policy needs to be reviewed to avoid the breakdown of law and order because people are suffering.
It is true that the condition wer this country nigeria is now is realy not going nice any more,this issue of the redesigning of the note is realy causeing an aid to poverty,if there is not God,government is not helping matters on his own,a lots of small scale bussiness no longer work to it full capaciy,the labour market is realy being affected especialy the economy.and apex has declear that the old note should still be valid accordingto apex bank, till the death line,but the small scale bussiness is not accepting the old currentcy, now what is the faith of the Nigerians
An economy that is driven by fiat wants to immediately transform its banking system into a first-world country. This switch from physical fiat to online banking should have been gradual because many Nigerians are unbanked. Many businesses have collapsed because they don't have access to fiat and the banking channels are not reliable. Sometimes it takes up to four days for a fund transfer to reflect on the receiver's account. This has made many businesses insist on cash payments. Now Nigerian citizens have to buy money to purchase what they want. Fiat can cost up to 40% of the amount that is to be bought. This has brought untold hardship on the people because salaries and wages remain the same, while the cost of goods and services is increasing drastically.
Nigeria is gradually turning into a banana republic where the Presidency and other government agencies don't respect court judgments even the orders issued by the Supreme Court. This currency policy needs to be reviewed to avoid the breakdown of law and order because people are suffering.
It is true that the condition wer this country nigeria is now is realy not going nice any more,this issue of the redesigning of the note is realy causeing an aid to poverty,
In my country, they decided to redesign the money from paper to more on coins. The labour cost of making coins is much higher than making paper money, but it can be use for years since coins since coins are stronger than paper which can lower the demand and supply. This can greatly affect the country because they may have more sufficient amount of money to support any problems in the country including poverty. It may takes years before you can feel the changes of the situation but its part of the process. I actually prefer paper before since its more convenient to carry but knowing the situation I considered coins better.
Here in Venezuela, we have also seen some very weird and serious situations going on with our currency, specially during those occasions our central bank decided to re-brand our FIAT by removing zeroes off it.
To be honest, it is not about the currency of your country, but rather the macro-economics which people in power decide to apply which are sowing the chaos in your local economy. People not taking certain bills is not the root of the problem, but rather a symptom of a failed centralized system where trust is lost.
If you can, move into crypto-currency or more stable FIAT until better times come.
To be honest, it is not about the currency of your country, but rather the macro-economics which people in power decide to apply which are sowing the chaos in your local economy. People not taking certain bills is not the root of the problem, but rather a symptom of a failed centralized system where trust is lost.
If you can, move into crypto-currency or more stable FIAT until better times come.
It is true that the condition wer this country nigeria is now is realy not going nice any more,this issue of the redesigning of the note is realy causeing an aid to poverty,if there is not God,government is not helping matters on his own,a lots of small scale bussiness no longer work to it full capaciy,the labour market is realy being affected especialy the economy.and apex has declear that the old note should still be valid accordingto apex bank, till the death line,but the small scale bussiness is not accepting the old currentcy,now what is the faith of the nigerians
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