THE RIPPLES OF CBN NEW NAIRA POLICY, CAN WE SURVIVE?

 RIPPLES OF CBN NAIRA POLICY  HAS JUST BEGUN, CAN WE SURVIVE?

Many rejoiced when CBN announced the news of CBN decision to reprint Naira bills. I'm sure many have not really thought of this but here is the experience of someone who tried to obtain some dollar 💲 through Bureau dE Change, recall that the exchange rate of Naira to Dollars skyrocketed few days after CBN governor briefed the public on the decision to reprint Naira bills of higher denominations. Excerpts:

You are welcome sir.

The situation may soon get worse than we think.

Let me share experience of what happened today.

A colleague needed just USD500 and we went to Eko hotel, to our total shock, the vendors do not have cash up to that, this is the surprise of the century becuase these are vendors that typically boasts of hundreds of thousands of dollars combined not having just 500USD. it took 4  of them to  form a "syndicate" to get just 500 USD.

One of them said and I quote, "we don change more than one billion since they announced that dem go change naira" this is just in two days, just as my colleague was  contemplating 778 naira to a USD, someone came and asked the price, the vendor said 778, he said he will pay 800  and has 3 million naira to change to USD. They simply told him oga we no get even if you wan pay 1000 naira (per USD). One of them said he had taken consignment of 100k dollars from Kano through air freight this morning but it didn't last 30 minutes (something that used to  last them a week sometimes.

Banks in VI and Ikoyi today ran out of FX and were pushing customers around branches just so that closing time can come. Someone needed  to withdraw just a thousand dollars and moved round like 7 branches of two major old generation banks but still didn't get.

The FX vendors in eko hotels are of the opinion that if this could happen in  just two  days, then dollar will reach 1000 naira to a USD before the year ends and may be 1200 before January 31 when the old notes will be phased out, except there is a change of direction.

Can see how wrong policies could impact negatively in the citizens? Tell me exactly the advantages of this policy at critical time in Nigeria economy. 

Do you know that with this, importation of essential commodities, equipment from foreign countries is already a difficult task and even lives will be made difficult as purchasing powers of citizens have been killed already even before the announcement of this policy with it's accompanying negativity.

Already the fuel pump price has climbed to heaven and hell was already on ground owing to sufferings from hardship. How could people cope with this level of hardship?

Let's have your comment and please share this widely perhaps they might change their mind.