The Naira makes the phrase 'filthy lucre' take on a very literal meaning. Why is Nigerian money so dirty though? We had experimented with polymer notes and it seems that experiment went well, though it could be that these denominations are so low they are too unpopular to be passed through many hands. Still if the experiment was successful, this concept should be rolled out to some of the other notes, and quickly too!
If the CBN was really serious about a cashless (or is it cashlite) Lagos, all they have to do is let people in on what is actually on the money we carry around in our purses and wallets. That would get the cheque books out and the number of ATM card applications up real quick! Indeed, if politicians could be sufficiently put off with health risks we could see a marked reduction in Ghana-must-go bags stuffed with our local currency. Wishful think I know, but still we can dream can't we.
So what do you think Lagos? Should we change the material of our currency, redenominate it or leave the status quo?
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