Change is a constant in our world today, it is an inevitable occurrence. Change is defined by the ability to evolve and adapt, but sometimes change can be so drastic that it becomes outdated before it has even been changed. By December 15, 2022, the Central Bank of Nigeria (CBN) will introduce the new redesigned Naira notes in denominations of 200, 500 and 1,000. It is disappointing that the new notes are not in any way different from the old designs, only a colour change is seen.
There was a time when we exchanged goods using shells, beads, cowries and then came coins, followed by the introduction of paper money. The evolution of currency had many stages, and each stage brought with it new problems and challenges. Is there any difference between the old naira notes and the new ones?
The Central Bank of Nigeria (CBN) in October 2022, stated the need to introduce a new series of banknotes to replace the existing N200, N500, and N1000 notes. This came after the CBN reported that the value of the naira notes have declined over the years due to inflation. And on November 23rd, President Buhari unveiled the supposedly redesigned naira notes which shared too many similarities with the old notes. Well, except for the colouring.
What Are These Notes For?
According to the CBN, the new notes were introduced to address the issue of counterfeiting. It also said that the new notes would help curb corruption, hoarding of greater denominations of the country’s currency outside the banking sector, and also boost economic growth. But shouldn’t there be at least a visible difference on the notes? Why should the government spend much money on printing new notes if there won’t be any difference between the old and new notes apart from the colour change?
One then wonders if the ‘redesigning’ of the naira notes was just another avenue to siphon public funds- “quick cash for the big boys”. If the old notes were truly prone to counterfeiting, the new ones don’t seem to be any more secure than the old ones. The CBN claims that it is also redesigning the Naira, due to hoarding.
Which might be a tenable excuse given that the exchange rates of naira to dollar is at an all-time high. In all of this one thing is certain, the country needs a solution that doesn’t compromise the national budget, especially in these trying times where there is a need to recover from the economic downfall. The huge amount of money that would and could have been saved out of redesigning the new notes can be used to tackle other pressing issues that are of greater importance.
AASA PRESS UI 