The Zimbabwean Central Bank is discarding local currency today, 15th June, 2015, after years of hyperinflation which at one point reached 500,000,000,000%.
According to reports, Zimbabweans now have to start exchanging ‘quadrillion’ of local dollars for a few US dollars. This is the effect of super hyperinflation that is prevailing in the country right now.
This call was taken so as to discard the national currency which has literally become worthless over a period of time. This is nothing new for the African country because when hyper-inflation hit in 2008, the situation was worse in that people had to carry currency notes in bags and cases just to buy basic necessity goods. Even now, the condition doesn’t seem to get under control.
From 15th June, the countrymen of Zimbabwe can have access to exchanging their over-hyped currency with dollars. “Customers who have Zimbabwean dollar accounts before March 2009 can approach their banks to convert their Zimbabwean dollar balance into dollars” said Reserve Bank of Zimbabwe (RBZ) governor John Mangudya.
Interestingly, if one exchanges 175 quadrillion Zimbabwean dollars, the person gets paid just $5 in return. That’s ridiculous!
Seriously, I think Nigeria can take a cue from Zimbabwe – That’s because they have a better version of a story to tell!