THE EFFECTS OF CURRENCY REDESIGNING ON THE POPULACE

The Nigerian government, faced with escalating inflation, has turned a deaf ear to efforts to reduce the effects of inflation and instead has jumped headfirst into redesigning the naira, changes that are now being put into effect. I'll be expressing my perspective on the topic today because many people are awestruck and wonder what effect revamping a currency will have on the country as a whole.

To begin with, I'd like to say that I don't think this redesigning will make much of a difference to the declining economy, especially from a country that is in debt and needs to borrow more just to fund the redesigning, but that doesn't mean it wouldn't have any impact at all, positive or negative, so let's look at them now.

• Scarcity and Lost: Resigning a currency simply means a new one will be created and the old ones will become useless once the deadline elapses, and for those who reside in the deeper region that's far from a bank or any monetary exchange channel, they will most likely run into financial trouble if they fail to quickly exchange the current note for the new one. It would have been easier had the information to rebrand the note come earlier, but with the short notification and implementation, I see many people losing their hard-earned money.

• High Demand for cash: One of the other effects of the currency redesign is that there will be a significant increase in the demand for cash because it will be extremely difficult for the new note to circulate to everyone once the old one is eliminated, which will have an impact on the exchange of goods and services.

Although I felt the design will have some positive impact too, in a nutshell, there are few positives I can point out from the rebranding of the currency.

• Eradication of old note: The major benefit I can envision this redesign bringing to the country and its people is that doing away with the old note will get rid of the bad and polluted old note, which will spread various diseases as it passes through different hands. and too many others to list.

These are my thoughts on how the rebranding of Nigeria's currency would affect the populace and the country as a whole. I'm hoping things improve and that the problems preventing our economy from growing and the current inflation can be resolved.

Thanks for for reading, have productive week ahead.