I will never forget the time when money ceased to have value in Nigeria, it was during the 2023 national election, it was a time that has left all Nigerians with their mouths agape, where we are not allowed to make use of the old notes, but now with the recent news coming to us from the federal government in line with the CBN, the old notes that were still in the hand of the people are still going to be accepted in the exchange of services and settlement of goods.
This news was made public a few hours ago and Nigerians are very happy because, due to the short time set to deposit old notes, some people were not able to bring a large quantity of these old notes to the bank and come to think of it, the fact that the old notes are still being accepted has reduced the stress in the lives of Nigerians.
I am happy because it's not forgotten that legal tender money can not rots in the hands of the people no matter what, money belongs to individuals and the government, at all cost, the government of a country must ensure that it backs up its legal tender with its exact value.
It really sadden when I remember how Peoples hard earn money were exchange in goods for a lesser amount. A thousand naira note was not exchanged for the purchase of goods at that exact value, a thousand naira was exchanged for less than its value.
The people that were on advantage where the shop owners because as they are exchanging these money with their goods, they would still get the money from the buyer in settlement of goods and the person would still go home cashless, while charges are deducted on each transactions he carried out on their POS terminal.
Money is not imposed on the people, but will gradually have the same value, because as the government are taking back the old notes, the new ones are gradually replaced.
Paper money is legal tender, just like other means of payment, such as gold and silver, some individuals hold their assets in gold and that is where they calculate their exact value.
Gold does not depreciate so fast, it holds its value to a large extent, from what had happened in the country Nigeria at the time of elections, some private men are keeping their money in gold.
With the recent news that the old naira notes and the new notes are to be accepted, some banks that were no longer operating are now going back to continue with their high charges on the account of individuals, now that more people in the country are buying the ideas of keeping gold, it would affect the banks.