To Whom It May Concern-
PLEASE SCRAP THIS USELESS CURRENCY CALLED NAIRA AND KOBO- By Prince Bolade Olukokun
In all honesty, I pity the younger generation
I mean from the Millennials (“soro soke” generation) downward. It seems from day one, they are educated confused
Confused right from the time they know what money is.
They are told their currency is Naira and Kobo and most of them had NEVER seen the Kobo
In all honesty, what is sold in Kobo in Nigeria now?
If nothing is sold in Kobo, then why keep it as a currency? It is akin to keeping cowries
The millennials downward are well familiar with pain but never knew what enjoyment mean in Nigeria.
They are well familiar with violence but never knew what peace meant.
Most of them live in “barely get along street” way down “Poverty” avenue in a cul de sac called “Penury” last house called “Lack” next to the house of “Mr Suffering” except few born into affluent families
All they know about enjoyment in Nigeria is what they heard was – more like history lesson through oral tradition and some documented evidence of a glorious yesterday
I see why they excel more in entertainment more than previous generation.
Who needs to be entertained more than a sad person?
Another area they “excel” more than the previous generation is in the use of Psycho active drugs and Pharmaceutical extractions
The void that entertainment cannot solve, they substitute use of Colorado, Arizona, Pawpaw, Loud, Black Mamba, Tramadol, Codeine and other Psycho active drugs and pharmaceutical extractions which had ever been around but never abused in older generation because there was no need for it.
Who needs a high than a person perpetually low or who needs a fix more than the unfixed anyway?
The problem of Nigeria incidentally started about same period that they were born
The whole problem of the country started from 1979/80 downward
“Oro Po ninu iwe kobo” is a Yoruba popular saying in the 70’s meaning there are so many stories in the one Kobo book.
The Kobo book referred to then is our Newspaper made of better quality then than what is now sold for 200 Naira
The lower quality Newspaper print which came into being in the 80’s is sold at 200 Naira now and 200 Naira is equal to 200 X 100 or 20,000 Kobo, it therefore mean the price of one Newspaper now will buy 20,000 Newspaper then.
Even as at 1980, Newspaper was 20 kobo. If a man falls into comma in the 70’s and wake up today, he will sure beg to be put into comma again
Back to the subject matter
There is no doubt that there is a very strong correlation between the Naira decline and state of the decadence of the nation
Economist will tell me that you can’t just change a currency and mention all the jargons of gold standard etc. But when Reichsmark lost its value after World War II due to inflation in the final year of the war in Germany, the currency was scraped.
The 1948 currency reform under the direction of Ludwig Erhard is considered the beginning of the West German economic recovery and Deutschemark was substituted for Reichsmark, against which standard was that done?
Imagine the economist deemed it fit to be changed just because it declined from 2.50 Reichsmark to a Dollar (before the inflation) to 10 Reichsmarks to a Dollar (after the war)!
Even Ghana of recent replaced the old Cedi with the new Ghana Cedi, by removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa as at then. Against which Standard did they?
I watched a Professor claimed that the Naira problem started when Babangida devalued Naira against dollar. If his assertion is right, why not simply reverse it?
I went through my Father’s passport and see that in 1980, pounds to Naira was almost at par!
In 2022, it is 770 Naira to a pound and there is no need to be a rocket scientist to see the trajectory of Naira losing more values in years to come if something is not done fast and yet NOTHING IS BEING DONE BY OUR ECONOMISTS!
I am not even sure that CBN is not minting Naira at a loss.
I’m sure the replaced metal 1 Naira than is being minted is sure at a loss because the metal used to make that coin is sure worth more than a Naira if it is to be sold
Of course, we are all too familiar with the “No Change” scenario – even in our so called Supermarkets. I guess lower denominations are seldom minted by CBN because of the cost of producing it.
It seems our lowest currency in usage is actually 50 Naira
Even the government is not serious when fixing government controlled price(s)
OR how do you explain change from 97 Naira to 167 Naira of fuel?.
Do they mean if I buy 1 liter of fuel and give the petrol attendant 200 Naira, I can collect 33 Naira change?.
At times I see ridiculous figures like 165.04. Meaning One hundred and sixty four Naira and four kobo. Does the Kobo actually exist?. Then why keep it?
I believe and strongly so that if the currency is changed to reflect what is actually obtainable in Nigeria, inflation would be curbed to an appreciable extent
However, since that is not the case coupled with innate disposition of average Nigerian to take advantage of his/her neighbours,seems the problem is not stopping in any near future
While the government operate and punish the masses from above with what I call “vertical oppression”, the “Horizontal oppression”(i.e. citizen cheating another) is equally as damaging as the vertical, if not worse
Take for instance, government increased fuel from 97 to 167 (though the price is not practicable), the taxi driver and “okada”, in order to take advantage of others adjust it properly to reflect the currency in use and hike their prices from 50 Naira to 100 and the market woman followed suit.
Inadvertently, what is bought at 100 Naira becomes 150 Naira. This is not dollar effect; it is an internally generated inflation due to a useless currency we stuck to and refused to change
There is a principle in psychology called “Escalation of Commitment”- that is further investment in a losing course of action because of the level of involvement
It is this kind of thought pattern that led to the building called “Leaning Tower of Pizza” ( It is an historical site where Galileo performed his gravity experiment).The Engineers, rather than rebuild keeps trying to reinforce and it eventually tilted.
Every Management and Engineering student knows that once the principle doesn’t work or once the foundation is wrong, it is better to demolish and rebuild but, in Nigeria, we keep managing the Naira!
At the current downward spiral rate, it will soon be cheaper to burn Naira than log of wood.
If this currency is not scraped, Yahoo boys’ activities will definitely continue to be on the increase and the associated use of psychoactive drugs to aid their nefarious activities and accompany rituals that surpasses what was recorded in the Bible in time of crisis will definitely NOT STOP
To Whom It May Concern,
PLEASE CHANGE THIS CURRENCY
I know most of the concerned that can actually effect change(s) are busy campaigning for 2023 now and see this as just another article.
However, my plea with them is to allow me access to a coin that I will toss to decide who to vote for, judging from the quality of candidates being fielded/paraded on both sides where the victor will sure emerge from (i.e APC or PDP).
Let’s even look at them with the exception of maybe Peter Obi
I know that a Lizard as Vice President, will never become an Alligator as a President.
It may become a fresher Lizard though.
I also know that a person whose impact was not felt 8 years in Transport Ministry sure got nothing to offer either. Anyway, he had shown by his ability to jog round the field that he may be better as a Sport Minister because I see no correlation between Agility and Leadership Ability.
If there is correlation between agility and leadership ability, Franklin Roosevelt that ruled on a wheel Chair (Paralysed Waist down) from 1933 to 1945 (Death) wouldn’t be able to take America through the War
Need I mention a drunkard from the other side?.
No need to divert into Politics a beg.
Thank God I am what they can call apolitical.
However, from Management’s perspective, If Nigeria is a company and I am asked to hire a Manager, walahi, I am yet to see a perfect match for the Job among those likely to emerge
Back to the topic at hand
Please help us scrap this currency for the sake of our children so that our youth doesn’t continue in the way they are going
Which way are they going?
It is obvious in the songs they sing.
I know one thing about music. something in you resonates with the song you find appealing. That’s why you find it appealing to start with. Human beings are driven by subconscious motivation. “…Out of the abundance of the heart, the mouth speaketh…”
That’s why songs like “Yahooze”, “Codeine Diet” etc trended
And maybe our youth’s trending songs will continue to be the like of:
🎼 Sometimes food no dey give man joy but Canadian loud the feeling is different🎶
(meaning: Sometimes food doesn’t make a man happy, but when you smoke Canadian Loud ( a Psychoative drug) you are happy ( euphoria of course )
🎶Aimoye shenking but no loose guarding Loru Loru la fin boshe🎵
( Meaning: Several look out for someone to dupe (shenking) while we keep our guards while we work overnight)
🎵Why Life come hard? and man no want to do bad
Cos I no wan suffer later cos everyday I dey Sad🎶
🎶Ba se nse “Dating”, la nse “Military”🎵
(Meaning: As we look for someone to dupe through promise of love/dating, we also engaged in Military impersonation)
🎵Excesive “Bombing” ka to ri maga ta gbori duro🎵
(Meaning: Sending lots of mails before we see a victim/Maga ( “Mugun” pronounced with English tonation) to swindle
🎶Me I went far away, Mummy mi nbe nile, they say I have gone astray, nigba ti won ri “Jumbo” ti mo we🎶
(Meaning: I went far from my mother who is at home to hustle, and people think I have gone astray when they see the Jumbo ( big ) size of Canadian loud that I wrapped)
🎶If no one to ginger me, I ginger myself ….🎵
To Whom It May Concern
Please don’t allow this generation to ginger themselves into irredeemable damage/ condition.
Save our future as a nation please.
Economic recovery is key to Nigeria’s continuity and changing this useless currency is one of the very first step
Prince Bolade Olukokun