The colour of the Nigeria Currency (Naira Note), that was changed recently; should not have been the first priority of the government at this point in time. The first priority that should have been considered is the change in the value of the currency. The change in the colour of the banknotes ought to come after the change in the value of the currency. The new banknotes now look more like a US Dollar, yet it does not perform the same function as the US Dollar. The US Dollars on its own has value, which Nigerian currency do not have. The consideration on the change in value of the Naira we spend in Nigeria, ought to be make alongside with the change in its colour.
The currency we use in Nigeria lacks value, this is one of the reasons other developed countries like; USA, UK and so on, are ahead of us. The situation in which Nigeria is in right now,, does not deserved a change in just the colour of the currency but also in its value. One of the reasons Nigerians keep going oversea, is because of the lack of value in Nigerian currency. They believe that if they are to work over there, they will make more money than the ones they were making in Nigeria, knowing that the currency over there has value.
The current value that is placed on Nigeria currency, is the one that is suitable for a good economy system. Now that the economy is not in a good state, the government should consider a change in the value of the currency that will suit the economic state. They should monitor the ins and outs of the economy system in the country. This will enable them to be aware of the state in which the economy is in; whether in a good or bad state. By knowing the economic state, they will be able to consider the kind of the value of currency that will fit the economy situation.
The government should not just stick to a particular value of currency, rather, there should be a change in value as the economy changes. Goods keep getting expensive day by day, yet there is no changes in the value of the currency. The value of the currency should be in collaboration with the changes in Nigeria. At a time as this, where the labour market is experiencing failure; due to the high rate of goods, the government ought to change the value of the currency and not just the colour. As things are changing in Nigeria, economically, the value of the currency ought to be rotating with it. This will make the life of the masses more comfortable.
When I say “change in value”, I mean a change in the money itself. A kind of change where the One Thousand Naira Banknote becomes Five Hundred Naira, and where Five Hundred Naira becomes Two Hundred Naira and Two Thousand Naira becomes One Thousand Naira. That is the kind of change that is needed in the Nigerian currency, not the one with colouration.
Conclusively, if there is a change in the value of the currency; alongside the change in its colour, Nigeria would be a comfortable and better place to reside in. The change in the value of the currency as the economy changes will also give Nigeria its respect and also make her compete with other countries that are at some point ahead of her.
Togbeola Hannah Kanyinsola is a 200 level English student of Lagos State University.
