WHY NIGERIA MUST TRANSFORM TO KOBO & NAIRA (CONFIDENTIAL)

For more vibrant and significant attitude towards the country’s economy there is an urgent need for the country to change from Naira & Kobo to Kobo & Naira. What I have to say may be as shocking as a heavenly thunder to all especially then, when the CBN is in national controversy over the proposed introduction of the N5, 000 notes and the change of some other currencies. However, if you may appreciate the opinion that a K5, 000 (Five Thousand Kobo note) may even be generally time-honoured by Nigerians you as may well read, to digest the rest of this article. “I pledge to Nigeria my Country, to be faithful, loyal and honest. To serve Nigeria with all my strength; to defend her unity and uphold her honour and glory. So help me God.”

It is now common for friends and business associates to use slangs, like: Can you give me one k? Or that this deal is worth 150 k; insinuating, one thousand naira or one hundred and fifty thousand naira, respectively. Thus, showing that the Kobo symbol is beginning dominate the Naira symbol in business slangs. Over series of thought on this notion, I concluded that it is not certain that it was corruption or inflation that brought about the rejection of the coins currency. I am opined that coins are nationally rejected because the kobo coin reverberation is too derogatory of poverty for business generally. While the Naira on the other hand, as notes sounds too weak and casual for business dealings especially in a large multicultural environment as Nigeria. The title, Kobo as the higher currency is thus, very benefiting and proper to suggest wealth while naira as coins is dignifying to paucity as it will revalue and encourage trade efforts, check inflation as well as serve as a better nationality identification. Thus, a bottle of Coke which is currently worth N50 .00K may be valued as K50 .00n or rather K49 .50n or even at an inflation rate of K50 .50n. Also a litre of fuel worth N97 .00k may be valued as K97 .50n and so on. Again, someone who earns N18, 965 .35k will also earn K18, 965 .35n and someone who has N150, 076 .12k in his bank account will also be credited with K150, 076 .12n. I am confident that if this idea is implemented with the same current values of monies attached, the forces of demand and supply of goods and services will then later predict the true value of commodities in the market as we use the words made money in business.

In this fragment, the kobo versus the naira attitudes are viewed in a creative mind-set as they concern Legal Tender, Work and Word / Language. It is vital to note that regardless of how belligerent points of this piece may be; often time’s conclusion is left as a question for the reader to make. A legal tender is money that can be legally used to pay for things in a particular country. This description is truly accepted but that I am personally convinced that the Naira lacks questionable qualities of is it being truly acceptable by the people? Is it valuably usable by the people? Is it culturally identifiable to the people? And is it visually appealing in design and motive for the people? From the internet, the CBN displayed legal tenders are 50k, N1 and N2 coins and N5, N10, N20, N50, N100, N200, N500 and N1000 notes. Of all these, it is only the notes that are truly generally used in buying and selling except in certain decent markets. For this reason the N5 note dominates most business transaction valued for less. I am opined that the current 50k, N1 and N2 coins are unacceptably recognized in business generally because of their design and motive technicalities and brand identity,. I honestly do not have similar critical views over the N5 to N1000 Naira notes but their brand names. Their main criticisms here are in the terms of sincere acceptability; valuably used; and culturally identifiable with the people.

Sincere acceptability of money or any other thing does not necessarily lie in the use or value of it but rather, in the care for it. A citable instance is that true love of a wife or husband does not lie in their individual worth but in care for each other. Thus the puzzle is the average individual care for the Naira rational, and can the Kobo better it? Most persons who rumple, squeeze or spray the Naira notes are either weighed down with various prevailing problems in the country (especially economic and cultural ones) and not that they are completely ignorant of their did or the CBN propagandas in advertisement to stop such act. In fact they do not appreciate or respect the Naira. Give the same person a dollar or a pound, and you will find that for even a year it is well cared for.

The idea of money being valuably used may then be measured in terms of the prevailing (though often personal) eagerness or readiness to spend it. Truthfully, is that Naira is fun to spend and as such not valuably used.

Finally, is the point of money being cultural identifiable with a populace? I.e. is the title KOBO more cultural than NAIRA to Nigerians? I sincerely do not know the origin of both words but am highly opined that Naira may be likened or coined from Nigeria while the Kobo I cannot certainly assume its derivation. Nonetheless, it readily reverberates like any of our multi cultural tongues. Thus, the question to ponder is Nigeria (which the Naira readily echoes in money) still just a land marked out territory carved out by our colonial masters, or has an ample number of citizens decided to claim and nurture it? I have taken this choice and as a result no longer content with this supposedly pre-operative propaganda of culturally projecting Nigeria with these paper currencies. Today when the country is sincerely battling to manage, maintain, build and consolidate on its economy, I am confident it needs something more solid as its higher currency to promote it.

Viewing this currency transform in the sense of work, which is the job that somebody does, especially to earn money? In which case money justifies or gives a good reason for work. The point to emphasis here is does the Naira rationalize a good reason for work in Nigeria more than the Kobo? Another point to highlight is that the wages of work ought to be satisfying. Does the Naira ever satisfy? Is this an inspiring reason for the often seemingly attitude for the embezzlement of funds by our leaders in organizations and why we citizens often times applaud them rather than castigating them. Of course anything that cannot be managed properly may never gratify. Thus, the big question is, has a reasonable number Nigerian satisfied his or her urge for the Naira? This satisfaction is not viewed in terms of how much Naira one has or how little, nor in retiring, quitting work or business completely, but even in not doing that. Nor in option to devote more or most of one’s earnings to the betterment of others but rather, in being able to take firm satisfying economic and fiscal decisions that is commendable of, within a reasonable period of time with the Naira.

Again in word and language value, a word is a single unit of language which means something and can be spoken or written. While language is the system of communication in speech and writing that is used by people of a particular country or area. The point to stress here is that a word signifies something in a language or system of communication. So the quest here is does the word Kobo connote money more in business communication than Naira to Nigerians? Is this pre-operative propaganda of culturally projecting Nigeria with these Naira paper currencies by the CBN merely pacifying with the unity of the citizens in business? If so, for how long are we to endure this?

In the kobo / naira versus goods & services attitudes! Goods and services are often valued in monetary terms and as a result paid for. It is their worth in monetary terms that this section vies to examine, not truly just to purpose a creative less dear measurement of goods and services of the Kobo to the Naira, but to examine creatively, how it may lead to a more vibrant and valuable economy.

Coins are important in the buying and selling of goods and service to precisely ascertain their cost, offer rational discounts, check inflation or deflation timely, ward off haggling or bargaining and to give value and support to the higher paper currency. As a result, it is obvious that the general acceptance of coins in business, projects more precision to the worth of goods and services. In such applicable case, it is a puzzle in the Nigerian market that goods or services valued in units less than the N5 note are not negotiated for. Following the CBN legal tenders available it is suffice to state that the kobo is not of significant value to product and services in the country broadly. The reason for this must not be inflation only but sincerely, disregard of its word purpose and design creativity. Remember that in those days when the Kobo was generally accepted in buying and selling as coins, it was a thing of despise for most retailers to welcome with an air of being insulted when a customer says keep the change (coins), after a business transaction. They really were not to be blamed because often times these customers make these choices as they too felt insulted to be associated with the Kobo coins and thus, not really expressing their generosity.

The NAIRA notes, on the other hand are most easily accepted in valuing goods and services because we consumers are left with no choice as it is the “higher” legal tender. Situations where options of using currencies of other more valuable economies are available, the options of dealing with the Naira are readily dropped even within the country. A good example could be cited with some multi-national organizations in Nigeria who most often value to broadcast reward to clients in Pounds or Dollars for services rendered to them rather than in its equivalent of our local currency. This from my opinion is where the KOBO will proudly dominate the NAIRA in use simply because the title Naira not only suggests more sum and value than is actually mentioned than the Kobo but that it echoes an unhealthy unifying attraction to the recipient. Again, look at our immodest environments and immediate surroundings in terms of work that may be done to better it; the KOBO (I feel) is most valued to do this. I must also state that though the KOBO seems very strict and rational for business it connotes an unhealthy mean interpretation when used alone, thus marries the naira coins better with love in nationality. Rebranding will change the work attitude of many persons and organizations within the country for better, as well as change their spending and value attitude of the Naira thus resulting in more goods services available with the same value of money at hand. Finally, is that the KOBO as the higher legal tender will make citizens yearn for the seemingly varnished Naira as the coins, thus dare more for its usage and values. Conclusively, it important to state that this article faces two options: dam its criticisms and continue with CBN tenders or take a bold step and rebrand to the KOBO and Naira option. If we choose to follow the first option, then we still choose to do business in terms of the money controlling our trade decisions. However, the option to rebrand will pose the terms of us controlling the money in buying and selling of goods and services. It is with this change in our legal tender that will pose a change in our monetary psychological usages which I believe will make our country’s economy become more vibrant and valuable.

Why rebrand? Verily, having digested this paper which may be likened to a group of people working vigorously to build a decent and pleasing environment, but perhaps, they are unaware that they are misplacing tools. It is important to state that it was not a mistake by our founding fathers to choose to use Naira & Kobo in 1973. Knowing that this legal tender came into existence in the year when the effects of the civil war was still refreshing in our minds, it is obvious that Naira be (supposedly) chosen to unify us all in business. However, having partially over attained this business unity, it is purposing of this commentary to state that it is not really just corruption or inflation biting us economically only; rather it is inclusively, the laissez-faire attitude of working and doing business with the Naira. Newness they say is not what makes life, but when we cannot say what we want to say with what we have, we begin to search for new things. Long live the Federal Republic of Nigeria. Nigeria, Good People, Great Nation!

Regards,
Mr. O. C. CHIOKE