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Is Incompetence the Major Reason the CBN Spends N40 billion Annually to Print Naira?

By on September 5, 2012

CBN Governor, Lamido Sanusi; and Deputy Governor, Tunde Lemo

The Naira (n): A store of value or money owned by foreigners but used by the Nigerian people to facilitate commerce in Nigeria.
Nowadays I doubt there is any square meter of Nigeria that has been left unsold, even the souls of many have been bought by the warped system of capitalism we practice.

In this ineptocracy, a whole apex bank can just wake up morning and tell the citizenry that they have discovered the Naira does not belong to Nigeria. Its intellectual property having been mortgaged to a foreign contractor, obviously in connivance with past officials of the Bank.

So who sold the rights to the Naira? And how much do tax-paying Nigerians have to spend in order to pay the foreign genius(es) the billions he must be raking it for licensing us the center of our monetary system? Your guess is as good as mine, but why choose now as the time to drop this bombshell on Nigerians. It appears Sanusi had been sitting on this for a while and chose now as the perfect time to enlighten us of the treachery and larceny.

N40 billion is a steep bill and probably involves royalties being paid to a corrupt Nigerian serving or former civil servant. The proceeds simply being a criminal collaboration against the Nigerian people. Mallam Lamido Sanusi and the Central Bank must disclose the nature of the agreement to Nigerians. The Freedom of Information Act must be invoked to unearth the skeletons probably buried beneath layers of non disclosure and confidentiality agreements.