THOUGHTS ABOUT THE REDESIGNING OF THE NIGERIAN NAIRA NOTES

source

Recently, the central bank of Nigeria (CBN) announced that the naira notes of #200, #500 and #1000 will be redesigned. So it was also announced that the general population of Nigeria should deposit all old notes to the bank within the stipulated time to December 15th.

Just yesterday 23rd November, 2022, the president Muhammadu Buhari unveiled the newly redesigned naira notes as proposed by the CBN at the state house. The governor of the CBN, Mr Godwin Emefiele alongside the president revealed the naira notes and has since sparked several reactions from the people of Nigeria.

One common or should I say General opinion on the redesigned notes is the color issue. It is said that there is a disaster to color hue and saturation. It has even been compared to the use of snapchat filters😂😂. The notes looks like our old currencies coming back to life. The CBN has been accused of producing low quality standards of the Nigerian money.

Another strategic point as to why the money was redesigned is that it was a means to control economy and cash flow in the country as the federal government were not in total control of the money in circulation for some time now. Prior to the announcement that everyone should deposit all old not, billions of naira has been brought out by Nigerians to deposit. Are people hoarding monies in their apartments or what?. Thus, the redesigning and reprinting is a ploy to force people especially politicians hoarding money in secret locations.

This, from an economic perspective, the government has succeeded in achieving this aim, because looking closely nothing really was done to notes just the changes in colour.

Note therefore that this is just an opinion of what the redesigning could entail. As everyone is entitled to their opinions

Posted Using LeoFinance ^Beta