THE DISAPPEARANCE OF MILLIONS OF NAIRA IN KOBO COINS   

THE DISAPPEARANCE OF MILLIONS OF NAIRA IN KOBO COINS   

By: Balami Lazarus     

I will attach two of James Hadley Chase novels to this article. And what I am about to say here on our Kobo coins as part of our national currency is a legal tender. Some people out there will laugh and may call me names. Nonetheless, the start is “Tiger by The Tail ”.     From time to time. I still use the Kobo coins in my personal and official business transactions if and only when the other partner as either seller, buyer or customer wants to pretend and claim that it does not matter or means nothing since just a few Kobos is the difference. That I will not take.     

The Kobo coins in our monetary system still has it value and place in business transactions where is doing well in millions unnoticed by large number of Nigerians and if they do, they are less concern because they tie no value, more so, because this has to with the Kobo coins ignorantly leaving behind millions of naira in Kobos.     

If we are to balk on using the Kobo coins as people in our businesses and social life it will surely go a long way in stepping up the value of our domestic business environment. The Kobo coin has almost disappeared, handly you can find it in physical use at local business places. But I know where the Kobo coins are performing and doing pretty well as means of payment collectively in business deals. Is more in use, freely circulating in these sectors: banking, petroleum and its sell outlets, stock market, telecommunication and large departmental stores?

Take these business deals as an example: point 10k x 50,000 litres of petrol= #5000, point 50k x 100,000 units of stocks = #50,000. Suppose one million MTN customers are charge point 20k per second x 1,000,000= #200,000. You can see the build- up of millions of naira generated by the Kobo coins.     

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Let us look at the bank where customers in tens of thousands also leave millions or even billions of naira in Kobos with the banks at the close of business yearly. Are you also aware that the Nigerian Stock Exchange (NSE) market is the biggest capital market that uses and relies on the Kobo coins as their profit mainstay?

The NSE is the only Nigerian money market that closed in billions of naira daily and declared trillions as market capitalization. These trillions of naira are considerably generated from the Kobo coins transactions/ deals.     When Prof. Charles Soludo the former Central Bank Governor made an attempt to re- introduced the Kobo coins and some few naira in form of coins for he saw the future monetary value of our Kobo coins which is to be used as means of exchange for payment for goods and services. But our forceful rejection of it has gradually buried the value of even the #5, for handily you can find an item in provision stores at that price.     

The use of lower denominations, especially the Kobo coins whether we like it or not, is a fulcrum to raising the value of any currency. And now here comes the second title “ This Way for a Shroud” has come to stay with the Kobo coins in the larger Nigerian business space.   

Balami, a Publisher/ Columnist.    08036779290

THE DISAPPEARANCE OF MILLIONS OF NAIRA IN KOBO COINS