The currency crisis
If the Central Bank of Nigeria (CBN) had thought its currency redesign policy was purely economic, it must have seen how wrong that was and formed another view of the whole affair by now. The controversial policy is more political than economic. Unless he lives in fantasyland, CBN Governor Godwin Emefiele who is its arrowhead must see what perfect storm he has led this country into – and that at an inauspicious time, namely on the cusp of a momentous general election. Amidst the hailstorm of ensuing challenges, there have been quick taps by ‘Brother Mefi’ on the reset button. But the ‘exit’ button seems out of contemplation unless policy masterminds sacrifice one of its primary objectives. In other words, they are stuck between the rock and a hard place; and so are we all. When Emefiele announced the decision to redesign the N200, N500 and N1000 denominations mid-October, last year, he presented the measure as an ambush policy of the apex bank to rein in some three trillion naira circu