Friday, 24 August 2012

Lamido Sanusi's #5KNAIRANOTE A Reflection of Nigeria’s Reckless Spending Culture



United Kingdom: ONLY time you are likely to set eyes on single £50 Notes is when you have Nigerian visitors,they pull it out like its 'nothing' . I always stand in awe to see the way Nigerians who visit the UK spend money with abandon recklessness, it then should not come as a surprise that Central Bank Governor Lamido Sanusi Lamido is introducing Five Thousand Naira Notes into the Nigerian economy.

#5KNAIRANOTE is going to be exclusive preserve of the super rich in an economy where you can go to bed a pauper and suddenly become a multimillionaire with just ONE CONTRACT.

It is no wonder a lot of hard working Diaspora based Nigerians run back home to get a piece of the cake. Sanusi Lamido spent millions on advertisement 'educating' Nigerians on the importance of a "CASHLESS" economy and yet he is converting 20 Naira notes into coins and introducing 5K Naira notes. It is coming few years after we changed our currency. Sometime you just pray for the OIL to dry up or the so called 'owners of the oil' to be allowed to SEAL IT UP.

The abundant revenue and countless free money that comes out of oil is what is keeping Nigeria together and account for public office holders being able to role out silly policies without looking at the implication on the poor in the society. What a shame.