Cry not for the Naira

God really loves Nigeria. APC replaced PDP and proved ineffective.

People yearned for a third force and Obi happened.

Banks are supposed to be superior to

other means of safe keeping of money.

Why then do we have more money outside the banking system than within?

A number of reasons can be adduced. Chukwuma Soludo succeeded in increasing the number of account holders in Nigeria but a visit to customer care sections of Banks will help explain why other means are proving attractive for keeping money.

Banks do not do their customers a favour rather it is the other way round.

Having increased the number of account holders, it behoves the banks to delight their customers so well that they prefer to maintain their accounts than make them dormant.

So much money outside the system is a testament to corruption in our system for bribes are covered in cash.

Most of the money stored in homes are products of illicit trade.

There is no crime free society. It is not monetary policy alone that can reduce the amount of cash outside the system.

Rigorous enforcement of the law in a carrot and stick approach can go a long way in ameliorating the situation.

For now, the CBN has an opportunity to redeem itself in failing or succeeding with this suspicious course of action.