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.
