On Gov Sanusi versus Baba OBJ’s no to 5000naira

Baba OBJ is a bad economist according to CBN Gov Lamido Sanusi because baba opposed the planned introduction of the 5000 naira note.

Now from a simple analysis of gov lamido’s statement, that statement is contradictory! 
He said former Baba OBJ (since Mallam Lamido called him an uncle) introduced the
highest domination as president and that inflation went down during the period; doesn’t that make Baba OBJ a good economist?

Also Broda Lamido Sanusi is indirectly saying that he is a good economist; I wonder why! Is it because he is the CBN governor?
Until exams are written to pick the CBN governor then any occupant of that seat is wrong to assume he is there because he is the best economist nigeria could find.

This is a CBN governor who was so blinded by rage over the unethical practices of some bank CEO’s that he took rash decisions that almost resulted in the banking system collapse in Nigeria!

Forgetting that the role of a CBN governor is hybrid (because whatever economic decision he takes has political implications), he shocked the banking system by criminalising borrowing and instilling un-needed fears into an already lending averse banking industry!
CBN governors in other countries guard their utterances knowing the impact it makes on their respective financial systems but not our own CBN gov.

What was the result of this epic move by our great economist? It was the scarcity of funds in the real sectors of the economy as banks stopped lending and (since banks must make profit by doing business) started putting most of their money into government bonds which come at ridiculously high interest rates ( as high as 15% for a virtually risk free investment – thanks AG) and thus improving the economy on paper whilst our manufacturing sector dies of cash kwashiorkor! A bubble that will soon burst because its nothing more than hyper round tripping!

Our great economist went ahead to force unto nigeria in 2 years what took the developed nations decades to achieve; his almighty cashless society.

A cashless policy that he claimed was the idea of the bankers forum that aimed to reduce cost of cash handling (yet being allegedly sabotaged according to broda by these same banks)!

I personally haven’t seen where any of those funky POS works at one try; the other day I searched everywhere for PAGA to try and send money on a saturday and discovered people had abandoned the platform (most likely due to incomplete or dropped transactions due to terrible networks that were resolved in favor of the platform causing losses to the vendors and customers!)

This is a country where people speak in tongues whenever they want to make use of the ATM machines for God to allow the machine dispense their money after deducting it from their accounts!

I was at LUTH some few years back and saw how a UBA ATM kept ‘swallowing’ peoples money, these are people at the hospital with sick relatives who needed this money to buy medications! Most of them had just that little balance in their accounts and had to wait for weeks to get those monies back (by which time the relatives had died or condition worsened)
As i write, GTB is yet to refund 20 thousand naira deducted from my wife’s UBA account since April 2012!
A country where there is little infrastructure to support the reliable network required for even medium scale online transactions!

Our great economist who wanted to catch a few thousands of corrupt politicians and took the whole nation on a account update exercise (data which remained unverified till date and not one politician yet caught).

Why should you force transactions to go online?! Why should you penalise those who choose not to transact on an epileptic online banking network?
A banking network that resolves issue in their favor to the detriment of the customer and his business?
We have seen the way banks abroad handle transaction disputes between them and their customers, they resolve first in favor of the customer until evidence shows otherwise!

So what happened naturally, businesses simply passed on the extra charges to their clients and continued transactions in cash and our great economist suddenly came up with the 5000 naira bill (a suggestion he rejected sometime in the past where he was calling for re-denomination) hehehe!

Now great economist broda sanusi, I am not an economist talkless a good one, but I have friends who from their utterances seem to be better than you sir; its unfortunate they don’t have the political clout nor be chanced to have come from “catchment” area to be made the CBN governor; you being CBN governor doesn’t mean you are an economic genius!

Else you should have known that no economy exist independent of the people’s culture!

When I was a kid, I remember my father come in with a brown paper cube box of 5kobo coins which he kept and was giving me as pocket money as a primary school student, we were a middle class family yet I never saw him spend those coins himself!  
What I’m saying is coin spending had been leaving the nigerian culture for decades and is long gone; introducing coins now will drive inflation up because people will find it easier increasing prices than adjusting their ingrained culture!
My kids are 8 years old and haven’t spent a coin in their life so who are those coins meant for? Topping that with a 5000 naira bill?! Come on, I don’t need a harvard degree (awarded to those who ruin economies, hehehe) to know that hyper inflation will follow!

I have been having mad fun analysing you (to my friends) right from when you were made CBN governor and criminalised borrowing, I’d predicted most of your actions months ahead; knowing you, the 5000n bill and other currency redesign is intended to force out monies you believe exist outside the banking system back into the banks, the big question for you is this, what stops those monies moving out again after the change? Is it worth it risking the economy of a nation to chase after some few people?!

I know its a win win situation for you, from your utterances, I’d told my friends you were planning to jump ship, long before you announced this new move!

My analysis is this, You are planning on leaving having shot yourself in the foot with your policies, but you are not one to accept failure so you came up with this plan knowing you will be opposed and when you are opposed, you will tender your resignation citing the opposition to your ‘powers’ or you adamantly try to introduce the new bills and you are given a political boot out of office and you point fingers at nigerians for your failure again, hehehe!

Baba OBJ is not an economist but he is shrewed politician and a statesman with great insight; I side with him on this we don’t need cobweb theories (hehehe) nor fancy eco speak from you to try and convince us that black is white, we’ve got eyes, we can see.