Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/bcm/src/dev/www/wp-includes/functions.php on line 6121 currency | Zikoko!
With the naira redesign and ensuing shortage of cash, many are now stuck with old notes. If you’re one of such people looking for what to do with your old notes, we’ve got some ideas for you.
Give El-Rufai
He’s still saying people should keep using the old notes, so just give them all to him. Let him change it for you.
Trade with an akara seller
Food has cost, and times are tough. Old notes are the new old newspapers, so why not try swapping them for some akara? At least, if you can’t buy food with them, you can use them to collect food.
Rag
Harmattan is kuku back so there’s more dust. CBN saw this coming and introduced the naira redesign just so you can use your old notes to dust your clothes and shoes.
When you can’t put on your AC because there’s no fuel, use the old notes to clean your sweat and tears.
Sew cloth
If you can’t afford the ₦25,999 Adedoyin dress those money launderers fashion designers sell on Instagram, use your old naira notes as fabric for new clothes.
Make a wig
Is it in this economy you want to be spending ₦150k on bone straight bob? Better tear your money and get to wigging.
Brown paper is hard to find these days, so use your old naira notes as an alternative.
Keep for your children and grandchildren
Let them rate you as the parent or grandparent who cares about teaching them Nigerian history. You sef, don’t you want to tell someone, “Back in my day”?
Are you bougie like the dollar or are your ways stressful and confusing like the naira? Take this quiz and we’ll tell you which currency matches your energy.
Is your bank account receiving the right type of currency, or should you be paid in something totally different? Take this quiz and we’ll let you know:
Money makes the world go round and if you’re Nigerian, the Naira makes you sad. Very sad. We tried to imagine the kind of energy the different currencies would have if they were students.
1) U.S dollars is that talented and popular kid that everyone likes.
Dollars secretly hates everyone but doesn’t show it.
2) Pound Sterling is the smart kid that can’t understand why other people aren’t smart.
Pound Sterling is definitely a snob and keeps to himself.
3) The Euro is that transfer student no one paid attention to until she came first in class. Now, everyone is wary.
Euro likes group work and collaborations.
4) The Canadian dollar is the kid who was assistant class captain and has now made it his life mission to be class captain.
His tactics is to rally the marginalized towards his cause.
5) The Japanese Yen is that kid with integrity. They’ll write their own sibling name in the noisemaker list and submit to the teacher.
This is the kind of person that cheats in an exam and reports his/her self.
6) The Naira is that kid who always raises their hands and gives the wrong answers.
They brag about knowing all the answers but still fail exams. In addition, they always blame everyone but themselves for failure. Olodo rabata.
It doesn’t matter if you just won 45 million Naira after spending 90 days locked away with alleged fence jumpers. Or if your Liverpool predictions finally came through with BonanzaBet. If there’s anything sure to ruin your day, it will definitely be converting your earnings into Dollars.
Goes without saying, any chance to have anyone beside Awolowo and the likes staring you down when you open your wallet would be a welcome development, no? Well, this could be our reality, if the ECOWAS Eco ever comes to fruition.
Made up of 15 member states, the leaders of The Economic Community of West African States, are making attempts to have Africa as a better-integrated continent. On July 1, 2019 they adopted the name ‘ECO’ for the planned single currency to be introduced in the West African region.
So What Does This Mean For Nigerians?
Let’s ignore the fact that ‘ECO’ sounds like the name of a 90s Nigerian University cultist, should it become the single currency of Nigeria and the rest of the 14 West-African member states, here’s what we can expect:
Nigeria Will No Longer Hide Their Face When Ghana Walks Into The Room.
That’s because a single currency will mean the abolition of exchange rates.
Even though one Ghanaian Cedi currently exchanges at 67.16 Naira, with the introduction of the Eco currency, all our broke sins shall be wiped away and we will become new again.
This goes for all countries involved, even the 8 Francophone WA States (Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo) which currently use the CFA Franc as a uniform currency.
By doing this, trade between all countries in the region will be made infinitely easier!
Nigeria Will Be Able To Focus On Exporting Their Jollof.
With a single currency, there will be a realistic reduction in the cost of engaging in trade. By so doing, the countries involved will focus on what they do best and exchange it for goods other countries produce. Jollof rice for Ghana’s gold is a fair trade, no?
Nigeria’s Central Bank Won’t Be Able To Carry Shoulders Anymore.
And that’s a good thing. No other country’s central bank will be be either. This is the currency union will have one central bank, completely independent of any state, which will be invaluable in improving price stability.
So why aren’t our wallets filled with Eco notes Right Now?
Well, because man proposes and God Well, He disposes.
Case in point, this isn’t the first time this plan has been suggested. The idea to have a common currency has been raised four times, the first being in the year 2000, when 6 leaders of the Anglophone WA states agreed to create a harmonised monetary union.
Here’s why it’s so hard to achieve.
Because to adopt a single currency, the African states have to pass these tests:
1.Each country has to achieve single digit inflation of 5% or less. In 2018, Ghana’ inflation rate was at 9.84%. Nigeria’s inflation rate, as of February 2019 was 11.31%. It is no easy feat to achieve.
2.ECOWAS also requires all member states to achieve a budget deficit to GDP ratio of 4% or lower before the currency is dropped. It is currently projected that Ghana’s debt to GDP ratio will be 62% by the end of 2019. Nigeria, around 26% in 2020, when the currency is expected to launch.
It’s going to be incredibly hard to achieve.
And if that isn’t hard enough, the reality is, African countries do not necessarily trade among themselves. Overseas trade makes about 80% of total trade on the continent, while trade between African countries accounts for about 10%.
