Coin Money Extinction
When conservationist talk about animal extinction, I thought, it was only common to animals, but now I know it can happen to anything under the surface of the earth. In the case of the Nigerian coin money, it is an extinction orchestrated by Nigerians against Nigeria and its economy. This can be seen in the way goods and services are priced--to the nearest whole Naira. Any increases in commodity prices are in whole numbers. And where the prices happen to include some Kobos, consumers are expected to forfeit their change. But what are actually responsible for this seemingly extinction of the Nigerian coin money? Lets look at some culprits: Central Bank of Nigeria, Commercial Banks and Financial Institutions: How true? CBN only makes available currencies--notes and coins-- and authorizes their usage by Nigerian consumers within the economy. The commercial banks and other financial institutions are expected to distribute the currencies, both notes and coins, to the public. If ...