Are The Redesigned Naira Notes An Utter Joke?

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The redesigned naira notes
The old naira notes Credit: pexels-ismail-seghosime

Are the redesigned naira notes an utter joke or shey you dey whine me ni?.

During a recent exclusive event that was held at Aso Rock Presidential Villa Abuja, the federal government revealed the long-drawn-out naira notes it promised to redesign. The redesigned naira notes are quite something and Nigerians are livid. The legendary Fela Kuti would have sent a disconsolate lament in response.

The naira has continued a steady decline in the parallel market for several months. Imploding to N855 per dollar following the Central Bank of Nigeria’s declaration to introduce new banknotes. Never before in the history of the country’s economy has the currency depleted to this level.

Even as inflation surges and rocks the Nigerian economy, citizens have eschewed self-indulgence and resorted to frugality. Which in this case is seeking out means of tightening their belts and managing more. Not just any kind of managing, but penny-pinching the severely devalued naira.

The old and the redesigned naira notes Credit: pexels-ismail-seghosime
Credit: pexels-ismail-seghosime

Are The Redesigned Naira Notes Just Test Run Or It Has Come To Stay?

Some Nigerians fear being stuck with the old notes when the redesigned naira is launched. For them to be on the safe lane, it’ll require bringing out all the old banknotes in their possession, convert it to cash, then proceed to save and invest the money in reliable fintech apps. These fintech apps are currently providing succour to those willing to save despite the inflationary spiral.

Following this huge reveal, those who had had bulk naira in their possession, either in physical form or stowed away in banks are at a disadvantage. It’ll be one very onerous, chaotic ordeal trying to make purchases with the revamped legal tender.

Although the revealed currencies are more like a ludicrous excuse for test run of the naira notes in ₦‎1,000, ₦‎500 and ₦‎200 denominations. These divulged specimens have no significant variation from the old bank notes. Save for the powder blue tint on the ₦‎1,000, sage tint on the ₦‎500 as well as a nearly invisible orange-red tint on the ₦‎200, the bills are still the same.

It is equally uncertain if more notes will be subsequently unveiled by the federal government of Nigeria.

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