Wednesday, May 22, 2024

Nigerians react as the CBN announces plan to redesign the naira

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On Wednesday, October 26, 2022, Godwin Emefiele, Governor of the Central Bank of Nigeria(CBN), disclosed the apex bank’s plan to redesign and circulate new ₦‎100, ₦‎200, ₦‎500, and ₦‎1,000 notes. 

According to the governor, the development had received the approval of President Muhammadu Buhari. Consequently, Nigerians holding cash in any of these denominations would need to return them to their banks before the January 31, 2023, deadline. 

Explaining the bank’s decision to redesign some naira notes, the governor explained that while global best practices dictate that the process should be done every five to eight years, the naira had not been redesigned in the last 20 years. 

He explained that other reasons for the change included the hoarding of notes by Nigerians, the growing risk of counterfeiting, and the shortage of clean and fit banknotes, adding that the new currency will begin circulation from Thursday, December 15, 2022.

Expectedly, the decision has drawn reactions from Nigerians. While some have lauded the move, others see it as unnecessary by the bank. Below are some reactions from Nigerians on social media.

More money being spent could lead to inflation

However, some users believe the redesign could force people with large amounts of cash to return it to the financial system, stemming inflation for a while.

Could the devaluation of the naira be on the way?

Momentary boost for cashless policy 

Is this the best way to handle looted funds?

A masterstroke by the CBN governor?

What do you think about the CBN’s decision? How do you think it will affect the Nigerian economy?

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