With the current situation in the country with regards to the Naira redesign cum scarcity, I bet we're all facing the negative effects in one way or the other. While some are applauding the policy,citing the long term postive effect which is centered on curbing vote buying and some security excesses, others are screaming to high heavens on the negative side effects which entails the needless suffering it has brought on the masses.

Regardless of the side you're on, you're absolutely right. However, what if the CBN was wrong from the onset. What if there was no need to redesign the currency in the first place. Follow me as we explore the what-if angle to this economic brouhaha and how we could have maybe achieved way more with less.

1. What if instead of redesigning the naira, the CBN had sent out a secret memo to banks to pay out lower denominations of the naira to customers with #200 being the highest for a period of time.

2. What if 3 weeks after the secret memo the CBN makes an announcement that the higher denominations which includes #1000 & #500 will seize to be legal tender in 60 days that all customers should proceed to the banks to deposit those in their accounts.

3. What if the CBN placed a maximum amount that can be deposited to the banks say #1m cash and that anything higher should be deposited to the CBN with forms to be filled just like how it's been done at the moment.

I believe the above would have helped achieve the main purpose of the whole policy while also cushioning the effects of the negative side. For instance:

i. There won't be a need to waste money in redesigning the naira instaed print more lesser denominations.

ii. The old #200 and lesser denominations will be more in circulation, thereby discouraging the need for cash hoarding, which will in turn solve the cash crisis and exorbitant charges from POS operators.

iii. This will also encourage cashless transactions as people will embrace bank transfers and available alternatives like Mobile money as it doesn't make sense to move around with plenty of cash (imagine 10k in #50 denominations. I'll rather do transfer abeg ).

iv. It will also benefit the people in the rural areas that will take some time to embrace cashless transactions due to lack of facilities, e.g, Internet access.

v. Vote buying will be curbed to a large extent because cash hoarders will be busy explaining to the CBN how they were able to amass their billions in cash while elections are going on peacefully.

vi. Insecurity, especially kidnapping, will be less lucrative. Imagine showing up with #10m ransom in #50 denominations. Are you playing? Who wan count all these bags of money?

In essence, the CBN policy, albeit being a good one, was poorly thought out and implemented in a hurry without considering the negative effects on the populace. What do you think?

I will gladly move around with 10k of 50 naira notes instead of this nonsense I'm passing through.

I begged one petty trader for cash 3 days ago. He gave me just 200 naira. I wanted to buy viju milk yesterday, the seller rejected transfer.

Restaurants close to my house rejecting transfer.... I have to spend up to 1k daily on okada transport to a restaurant that accepts transfer.

Money system is just a number system or metric to regulate and facilitate exchange of things. If they withold notes, exchange becomes harder. If they remove higher denominations, they make it harder to exchange things and give themselves the task of printing more lower denominations thereby wasting materials.

The so called redesigned note can not be piled up for long I understand, reason why it is perceived as looking fake.