There is no gainsaying that there are myriad of opinions on the introduction of the new five hundred Naira note. One will also not be too wrong to state that Nigerians are fickle-minded when it comes to analyzing issues that affect their lives, their standard of living, and their collective being. The introduction of five hundred naira note is an immediate example that comes to mind. For whatever reason the politicians may have for introducing the new naira notes, the jubilation and euphoria expressed by some Nigerians makes one question the collective reasons of citizens that have been politically, militarily, religiously, and economically traumatized. What one sees is a government that shows brazen episodic, or at best, reactionary method to solving the nation’s vital problems. Introduction of the five hundred naira note amounts to applying bandage to a despicable wound. One does not know whether to think about the introduction of the new note as an economic softener or just a mere trivial pursuit by a comedic government?

Our leaders cannot continue to bamboozle us by attempting to solve a non-existing problem with millions of our naira. How much did it cost the country to produce the new naira note? Who were the experts consulted on this new naira note? Could the funds for researching, designing, and producing of the new five hundred naira notes have been used to improve education, the national airport, the roads, etc.? What is the nation’s priority? Samples of comments made by citizens from different economic strata are in order here. It is necessary to bring the implications and other prospective of introduction of new five hundred naira notes to focus.

The traders have complained that it was difficult to carry so much money just to pay their workers and carrying so much money from their banks. "A Nigerian expressed that he was excited because the five hundred-naira notes were easy to carry especially whenever he may want to make bulk withdrawal from the bank. However, another customer said he was really not impressed because the new naira note would not encourage thrift while another customer stated that, by the time he changes the money and spends it, he would not know he has spent N500." In the typical Nigerian economy, the introduction of five hundred naira notes may trigger hyperinflation in an otherwise comatose economic since market women may translate it to be that workers incomes have grown. Unfortunately, as usual in Nigeria, government neither provided a compelling reason to allay the suspicion of traders and business men/women so that prices of commodities would not increase simply. One can start praying to God that government will not dabble into print million naira notes just to replicate the million peso in Mexico since the same condition that necessitated the introduction of five hundred naira notes would still exist for a long time except the nation called Nigeria is completely erased from the surface of the earth. As long as Nigerians occupy the space and their thinking still remains, so shall there be a need to produce million naira notes as to help Nigerians from not carrying too many boxes of naira notes.

Only genuine traders that are making money should be able to jubilate on the introduction of the five hundred naira notes. There are some citizens that would not be able to exchange all their life’s savings for a five hundred naira note because they simply do not have up to that amount of money. What a shame!!! Is government printing this new naira note because economy is booming? Is government printing the new naira notes to mop up those old dilapidated notes? Will government print one million naira notes if naira exchange rates to a dollar remain sliding ad infinitum? Is the government printing the new naira note to feel good about itself and claim that it is doing something for the citizens? What is the exact reason for the printing of the new notes? There seems, to me, that there is real disconnect between the Nigerian leaders and its citizens.

Nigerian students should be saddened by the introduction of the five hundred naira notes because as soon as they graduate, the system guarantees that they would be unemployed. So, to them, what would be the reason and the essence of printing five hundred naira notes if there is no means of earning income for a long long time with the current Nigerian economic system.

Moreover, the fact that there are new five hundred naira notes in circulation has no bearing on the dilapidated state of education in the nation. So how can students jubilate except those that partake in the usual part time you-know what business. Could government have used the money spent on developing, designing and printing the new five hundred naira notes to encourage small businesses in such way as to cash the political goodwill such act may have generated? What is the value of the new naira notes to a student who does not have money to purchase a textbook? What is the value of the new naira note to students that do not know where their next meal will come from or money to visit relations? Nigerians need government that is benevolent and caring especially with the nation’s money. If our government cannot be good example, then we will categorize it as terrific warning.

The tremendous stress that incoherent Nigerian government’s economic policies have on Nigerians in Diaspora cannot be presently measured. When I spoke with a friend in Houston, Texas, he stated that more than 30 Nigerians have died since the beginning of the year. The cause of death, he added, ranged from stroke, brain aneurysm, getting shot from driving cab, financial strangulation while pretending to be making ends meet, to relationship issue. To add to the stress, Nigerian government has inadvertently added another dimension which is the introduction of five hundred naira notes.

One may then ask, how does the introduction of five hundred naira notes become a stress factor on Nigerians in Diaspora? Usually, whenever these Nigerians visit home, relatives come out from all woodworks to demand for financial help without understanding the financial situation of their "august" visitors. Now that there are N500 notes, giving someone one of these notes, probably, would mean nothing these days and the giver might even be perceived as unkind and money given unappreciated. Because of this, many may not visit home until they too can manage to pretend to be overseas money bags or be able to give out a box full of the new five hundred naira notes. Who would be deceiving whom? Nobody knows.

Banks cashiers are worried about making mistakes when paying customers with the N500 or on how best they are prepared to spend their salaries making up for over payments when mistakes are made. Some customers, however, were excited to be paid with the new notes while a few others said they were not particularly excited by the development.

As the above statements show, Nigerian bankers are not worried about how their customers generate incomes because the Nigerian economy hardly dependent on productivity but heavily depends on funds from corrupt enrichment, some intangible business and grafts.

No sooner did the president introduce the five hundred naira notes to members of the Federal Executive Council, the new currency became a street ware for hawkers at Ijora Motor Park. How did these hawkers get hold of the new five hundred naira notes so soon? Who released the new naira notes to the hawkers and for what reason? This act and revelation depicts corruption at the highest level that should be investigated.

One cannot be too surprised that even the police and armed forces men supposed to protect the nation and its currency also partook in the purchase of the N500 for N560.00. It is also not surprising that those selling the notes never sweated or add value to the N500 before they generated their income. This is what some Nigerians call making money. We saw this in the hay days of import license when import licenses were obtained, sold and without lifting a finger many Nigerians became overnight millionaires. This is Nigeria for us. Nigerians deserve the leaders they always have.

As the 2003 election draws near, those politicians that never performed will start providing meaningless projects in order to deceive citizens. It is said that we can take a horse to a river but cannot force it to drink. In Nigerian, our political system defies logic because time and time again, Nigerian politicians have been able to take Nigerians to the river and force them to drink.

For government, the only local industry that it can proudly claim to have created is armed robbery and corruption at all levels. I guess armed robbers need to carry less boxes of naira from banks and private homes because of the help government unknowingly provided to them. One thing that may be sure as the arrival of night and day is that unemployed students, hawkers, bus conductors can now perfect the trade of pick pocketing in order to assure themselves of their meals for a longer time.

Corrupt civil servants can engage in collecting mere ten five-hundred naira notes to distort our economic indices, hinder competition, stunt growth, produce economic stagnation, extend the harmful effects on the nation’s economic development, and discourage real investors from coming to Nigeria. Corruption is a major driver in our social degeneration

What the nation needs is not the introduction of the new five hundred naira note but concurrent creation of jobs, encouragement of small business units, and establishment of real earning to justify the printing and introduction of the new notes. Despite the precarious nature of our economy, our leaders must begin to address real issues such as economic injustice, unfairness, creation of jobs, and introduction of sound economic policies.

President Fox of Mexico promised to improve the economic situation of his citizens by creating jobs just as our president, Chief Olusegun Obasanjo did. President Fox is making efforts while President Obasanjo is sidelined by factors he may have contributed to creating as military head of state but which he cannot control as a civilian president. Finally, the most reasonable and heart wrenching statement by any Nigeria was the statement, "But the note is very attractive. I pray God to give me the job which will fetch me this much daily." One only hopes that government listens and hears this statement very clearly because this is really the heart of governing, that is making sure that citizens can get jobs so that the five hundred naira notes will be meaningful to them. To achieve this, government must resolve unemployment, poverty, injustice, corruption, poor remuneration, increased training and manpower allocation, develop of all infrastructures that can boost economy, and improve industry capacity utilization. A country that is worth stealing from must be worth dying for. Those who have ears to hear and hopefully this government, these politicians are listening, and the citizens/electorates are taking note and keeping track because the day of reckoning is near.