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Why US should redesign the dollar

As naira continues to appreciate in the parallel market, it is not out of place for the federal government to appeal to the United States…

As naira continues to appreciate in the parallel market, it is not out of place for the federal government to appeal to the United States to set a restriction on acceptable legal tender note of the US dollar.  

This will ensure that any US dollar note below a particular printed date cannot be tendered as  legal tender anywhere in the world. This will curb billions of dollars acquired from drug-trafficking, terrorism, kidnapping, banditry, money laundering, corruption among others. 

With this, the US will be able to control the inflow of its currency which has now become a tool for terrorists, bandits, kidnappers, corrupt politicians and citizens to wreak economic havoc. 

The naira might have in the last 72 hours picked a quick rise to the top against the dollar at a time the CBN is talking about redesigning the currency, but isn’t this just a temporary reprieve? Does this erase the poor performance of the naira when the western world is in need of oil occasioned by Russian oil boycott.

Nigerians can only heave a sigh of relief when dollars can easily be obtained in banks by manufacturers, travellers and for other essential needs. If the parallel market continues to hold the fort, this development may just be short-lived. 

Notwithstanding, the dollar has been crashing for days and other currencies including Japan’s yen, China’s yuan, pound, euro among others have appreciated.  

Ultimately, dollar redesigning  will complement the CBN’s plan to redesign the naira. However, inasmuch as the redesigning has recorded more deposits in banks since its announcement, those I call the naira hoarders may look for more hideous ways to exchange naira to dollar and thereby escape the prying eyes of the EFCC. After all, they have nothing to lose with the naira fraudulently acquired years ago.  

It’s high time Africa spoke with one voice and mount pressure on the US to checkmate dollar stockpile in the continent. However, as the giant of Africa, Nigeria can take the lead while others follow. This, in the long run, will put African economy back on its feet and yield plentiful economic gains for the most underdeveloped countries. 

Meanwhile, it’s about that time, the US redesigns its currency. According to information available on the website of the US Currency Education Programme, the current design of the $100 note, issued on October 8, 2013, is the latest denomination to be redesigned. The $1 note, issued in 1963, and featuring former President George Washington has never been changed. 

Otunba Adejare Adegbenro is a security expert and businessman