By Samuel Sedara
It is disturbing that Nigeria’s 50k, ₦1 and ₦2 coins, though legal tender, have fallen out of circulation due to high inflation, rendering them nearly worthless.
Unlike countries like India, the USA, and the UK, where coins remain in use and hold value, Nigeria’s coins are a symbol of economic neglect. I can confirm this because I have traveled to two of these countries and I have spent both countries’coins.
These countries’ highest currency denominations are $100 (USA/UK) and ₹500 (India), yet Nigeria’s highest is ₦1,000. This disparity highlights issues plaguing our economy, largely fueled by corruption and poor leadership. A nation’s currency must reflect its economic strength; but it is alarming that ours doesn’t.
It’s time for change.
Our leaders must address inflation, curb corruption, and restore value to our currency. Until then, we’re stuck with a currency that’s more symbolic than substantive.
I have always reteirated that a country whose coins are legal tender yet fall out of circulation and lose purchasing power is on a path to economic instability. When a nation’s smallest denominations become worthless, it’s a stark warning sign.
This isn’t just about coins; it’s about trust in the economy. If the smallest units can’t buy anything, what’s the value of the larger notes? It’s a vicious cycle: inflation devalues currency, and without trust, economic destruction looms.
Dr. Sedara is a lecturer at the Adekunle Ajasin University, Akungba Akoko, Ondo State.
