The New Naira Notes

The new naira notes have brought too many reactions from Nigerians over the internet and broader news media over the past few days, since it was unveiled by President Muhammadu Buhari on the 23rd of November, 2022. Most of these reactions have been negative. A number of Nigerians raised their concerns and objections on the micro-blogging website – Twitter.

These concerns are mostly about the ease of counterfeiting the new currency notes. Also on whether or not this redesign is the best thing the government and CBN should focus on at the time. This is a concern given the recent level of instability in the value of the Naira against the United States Dollar over the past few months. The naira saw the naira lose massive value against the Dollar. Nigerians believe that the Central Bank of Nigeria would have better spent its time finding measures to stabilize the currency. And for the government itself, due to the increasing political instability, ever increasing security threats. Also the fuel scarcity building up slowly as the Yuletide approaches, Nigerians have expressed their belief that the government certainly does have more pressing tasks to tackle than a redesign of the bank notes.

 

Analyzing The New Naira Notes

1. The Cost Point Of View

The new naira notes design as seen on the unveiling, seem to have been made such that each naira note has majorly one primary color. And everything or most things on the note is printed to a shade of that primary color. This essentially makes the note cheaper to produce than the previous notes. Prints with more colors on them cost more to produce as compared to monochrome colors or single or two or 3 colors only. This means that coming from the cost point of view which eventually contributes on a broader scale to the economy of the country, the decision to redesign the naira notes makes a lot of sense. 

2. The design Point Of  View

The new look of the Naira notes truly now looks somewhat bland and boring. This is as compared to the colorful notes we are used to. But this is not graphics design, this is a legal tender. It is meant for one thing and one thing alone, and that is the exchange of value. So long as it does this job, is secure, and very recognizable, then the design is okay to take the back sit this time.

3. The Security Point of View

The new naira notes seem to have been fortified with quite a number of security features. These ensure that counterfeiting is made extremely difficult. This is the major job of any Central Bank in the world. One cannot expect that of the Nigerian government to fail at this. So, coming from the security point of view, you can be assured that the new naira note is as secure as it can be from counterfeiting.

4. The Economy Point of View

Central banks around the world change their bank notes periodically to battle economic crimes and hoarding of currencies. This is also done to help keep a strong hold on the amount of the country’s notes that are in circulation.

And as you can see, coming from this angle, it is easy to see that the redesign of the naira notes is overdue. Keep in mind that this was last done about 20 years ago.

 

With these points, you can already agree that the government really is doing what it should. This is everything you need to know about the new naira notes.

Now we can go back to teaching you how to have more of this money. This is better than worrying about how the money looks physically.

 

If you prefer a cashless economy, then you should get the QPay app. With it you can easily send and receive money all around Nigeria without worrying about what it looks like. Click here to get the QPay app on Playstore.

 

You can check out other posts on our blog to learn all we have taught in the past concerning money.

 

See you in our next log