By David Adenekan
TO START WITH, the new directive by the Central Bank of Nigeria that all Point of Sale (POS) outlets/holders must, on or before July 7th, 2024 be registered and incorporated as a business enterprise with the Corporate Affairs Commission (CAC) is a welcome development. A great initiative indeed!
According to the Central Bank of Nigeria (CBN), the move will reduce corruption and tackle the unchecked criminal activities of kidnappers or bandits that are using POS as a means to receive or transfer money for ransom.
We are now getting to the root to fix the spate of insecurity that has greatly rampaged most parts of the country.
Prejudice apart, and without mincing words, I want to applaud the CBN for this bold step. It is a sound policy in the right direction.
Honestly, Yemi Cardozo, the CBN Governor is really making great and commendable progress toward the reduction of corruption tendencies in our financial institutions. I give him “a pat on the back.”
However, it is imperative to state that he is fighting against the tide. Hmm, “omi po ju oka lo” (water far overwhelms gari).
Yemi Cardozo may be fighting against a cabal that supported his boss to become president. An uphill task indeed!
So, I say may God help Yemi Cardozo to succeed, Amen.
Suffice to say, with the current rate of inflation and the daily increases in the prices of staple foods such as: rice, cassava, corn (maize), wheat, dairy, meat, fish, chicken, gari, yam, potatoes, beans and spaghetti that are now beyond the reach of the masses, there are fears and indications that a civil unrest or insurrection may be looming in Nigeria.
Moreover, some of the government policies and its timing for implementation lacks human face. The classic example is some of the uncharitable demolition of building structures in places like Abuja, Kano and Lagos states.
This may only add to our social economic problems than what the government might want to benefit or achieve, in a distressed economy.
It is imperative to state here that, a responsible government must carry out a cost benefit analysis of every intending policy before its formulation and implementation.
Yes, the untold economic hardship is getting worse by the day.
How did we get here?
Exchange rate is now about N1,500 to a dollar and it will further depreciate going by the economic indicators.
Yes, our local currency (Naira) is still in a mode of free-fall. I have written about the unfortunate problem of our local currency in at least four of my most recent articles, published online on another website.
Also, if the government does not take the bull by the horns to increase the level of productivity to fix the acute shortage of dollars in our forex market, Naira may slide to about N2000 before the end of the year going by the statistical analysis of economic experts.
Yes, the deplorable condition of the economy is not palatable going by the economic indices vis-a-vis, the inflationary gap as stated in the last quarter’s reports of the National Bureau of Statistic (NBS), inflation rate is now above 33%. This is not a good news at all.
Frankly speaking, the situation in the country calls for a sober reflection.
Where did we get it wrong?
In summary, it may be a survival of the fittest to the extent that, the crime rate will be skyrocketed. This is coupled with the fact that, there will be a surge of insecurity challenges across the country.
May God Almighty help the righteous to survive the evil days that may be ahead.
Time will tell.
David Adenekan Is the Editor of Shekinah International Magazine, and a media expert. He Writes from Chicago, Illinois. davidadenekan5@gmail.com
Opinions expressed by individual columnists are their own and do not necessarily reflect the views of policies of the website’s management.
