A traditional ruler in Kwara State, Olusin of Ijara-Isin, Oba Demola Ajibola, has introduced his own ‘currency’ to serve as Legal Tender in his community.
This, he targets to drive economic empowerment in the rural community.
Checks revealed that the currency which is in form of a voucher with the inscription: ‘TLK voucher’, is a legal tender within the Ijara-Isin community since August 2021.
The ruler would visit the Oja Oba market once every week to share the vouchers with market women and other commuters.
However, under strict instructions by the traditional ruler, the vouchers cannot be exchanged for Nigerian Naira but used to buy food items within the community.
Some economic experts commended the initiative as a palliative for the economic hardship in Nigeria but others are concerned about the king’s decision to create another means of legal tender within the country.
According to the National Bureau of Statistics (NBS), over 91 million persons live in absolute poverty in Nigeria, fueled by a 20 percent inflation in food prices.
Those who favour the initiative say that the monarch has been able to successfully solve the problem of cash inflow in the community. In many rural communities like Ijara-Isin, citizens have to travel large distances and pay extra charges for withdrawals from mobile bank agents and Point-of-Sale (POS) operators who offer cash-back services.
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