NIGERIAN NAIRA COINS; LEGAL TENDER OR NATIONAL ARTEFACT?

Are Nigerian Naira coins really legal tenders or national artefact? An unanswered question in the minds of Nigerians that needs to be urgently addressed by the governor of the central bank of Nigeria.
As with some cultural norms and values, languages, etc., the Nigerian Naira coins appears to be another of Nigeria’s identities that is on the verge of going extinct under our noses due to sheer ignorance.
The Naira coins approved by CBN as legal tender for the payment of goods and services rendered, appear not to be accepted as payment in transactions by businesses, banks and individuals. Coins are out rightly rejected even by commercial banks in Nigeria. Coins are not issued by banks, hence are not accepted as deposit from customers who wish to deposit them in banks.
This has attracted increased concerns by discerning and patriotic Nigerians who cannot but wonder why the central bank of Nigeria (CBN) invested a lot of resources in minting legal tenders that are not accepted by the people for the payment of goods and services.
I once went to a certain commercial bank to deposit coins but I was told by the bank’s teller that they do not accept deposit of coins in the bank. When I insisted, other bank staff confirmed this to me. I probed further to find out why this was so and I was told to ask the governor of the central bank of Nigeria for answers. The situation was indeed a shameful and embarrassing one. I had to leave the bank with my Naira coins.
This issue has raised so many unanswered questions by the masses such as;
1. Why are coins in the economy if they are not accepted by the masses as legal tenders?
2. Why did the central bank of Nigeria approve and invest resources in minting new Naira coins when they are not accepted by the masses and even commercial banks in Nigeria?
A mini survey I conducted on this issue revealed the following points of consideration;
1. The Nigerian people are aware that Naira coins are legal tenders as approved by the government and the central bank of Nigeria.
2. General perception that coins are bulky and not portable enough to be carried about hence people choose not to use or accept them.
3. General suggestion that CBN should not mint coins but rather invest resources in other worthwhile projects since the people and businesses alike do not accept them.
4. General opinion that minting of the Naira coins was inappropriate given the fact of its non-acceptance as a legal tender.
I therefore appeal to the governor of the central bank of Nigeria, Mallam Sanusi Lamido Aminu Sanusi, to address this issue, which is now widely considered within and outside the nation as CBN’s oversight.
I also encourage fellow Nigerians, co-operate organizations, journalists and media houses to join efforts with me and encourage our government and the central bank of Nigeria to think critically regarding this issue and address it before it becomes a national menace.
Let us build Nigeria together and make it a better place for you and me!

With the intensions,
Chibuike Wogu
P.S: Join the discussion on Facebook: www.facebook.com/nairacoins (like and share the page).

Lol..i wonder!