Yesterday, the House of Representatives was thrown into a hilarious mood during debate of a motion that seeks to ensure the recirculation and enforce the use of coins as a medium of exchange in the Nigerian economy in order to boost business transactions and reduce inflation.
Most members spoke jokingly but seriously against the motion which was eventually thrown out after a hearty session eliciting banters, laughter and friendly fires.
The motion sponsored by Mr. Mojeed Alabi (APC, Osun) had amongst other prayers urged the Central Bank of Nigeria (CBN) to reaffirm the use of coins as an acceptable medium of exchange and consider the possibility of Naira re-denomination as a way of strengthening the currency and facilitating quick recovery from the current economic recession.
The lawmaker stated that notwithstanding the economic challenges confronting the nation, the CBN has not deemed it fit to appreciate the common economic correlation between high denomination currencies and inflation rate, a phenomenon attributable to the tendency of manufacturers, suppliers and service providers to make the existing currency denominations the basis for fixing prices of goods and services.
A majority of the lawmakers who spoke on the motion however kicked against enforcing the use of coins, saying such move would be untimely considering the economic recession. They also argued that the cost of its production is higher than the value.
“The cost of producing coins is more than the value itself. There is no need bringing it since it cannot be used to buy anything in the country,” said Mr. Sadiq Ibrahim.