…Nigerians are disappointed with the new naira notes
But for the slight difference in the colour codes, Nigeria’s redesigned naira notes contain no remarkable change in features when President Muhammadu Buhari unveiled the new N200, N500, and N1000 notes on Wednesday.
Nigerians are disappointed. Many have questioned the rationale behind the redesign policy if Nigerians would have to struggle to differentiate it from the old notes, at least until the old ones are completely phased out on January 31st, 2023.
Nigeria’s Central Bank announced the redesign of the denominations a fortnight ago and although it faced resistance from some quarters, it received the approval of the President.
The government believes redesigning the notes will help to mop up more than 80% of cash circulating outside the banking system and curb inflation. The Central Bank Governor Godwin Emefiele said the cash outside the banking system has fuelled inflation and criminality, especially by kidnappers who have relied on cash for ransom payments.
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Analysts, however, do not see how this measure alone could curb the spiraling inflation amidst structural issues outside the control of the monetary authorities.