Does the new Naira design look good?
A few weeks ago, the CBN Governor, Godwin Emefiele, announced that a couple of the Naira notes would be redesigned and the sudden decision to change the outlook of the Naira note was fully backed and vetted by the president.
Note that all the reasons presented to Nigerians for the design change were questionable and made no sense economically because the value of the Naira was dwindling and the new design won’t solve that.
Anyway, fast-forward to today, the new design of the Naira was unveiled by the president at the Council Chambers of the State House shortly before the kickoff of this week’s Federal Executive Council meeting.
As far as redesigns go, this one was particularly disastrous because there were no major design change on the notes. The only difference is in the color of the notes (they look like pre-existing Naira notes). The 500 Naira note now has the same color as the 20 Naira note. The 1000 Naira note now has the same color as the 50 Naira note and the 200 Naira note now has the same color as the 10 Naira note.
Godwin Emefiele speaking at the unveiling stated that final arrangements have been made for the new currency to start circulating on the 15th of December. The old currency will remain valid till January 31st next year. He also stated that all banks are expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers. Bank charges will be suspended also to make the transition from old to new notes smooth and easy for all Nigerians.
According to Emefiele, the move for currency change wasn’t targeted at anyone it was just a necessary operation to make sure the CBN has adequate control over the money in circulation in the country.
#STATEAFFAIRS is a segment that gives you a quick rundown of various political and state issues as they happen in the most simple, subtle language. In this edition, we are looking at the new Naira design.
