The decision of the Central Bank of Nigeria to redesign, produce and disseminate new naira notes in Nigeria has spate reactions, as it is seen as displacement of priority.
Nigerians urged the federal government to take bold steps towards addressing the country’s major challenges like flood, insecurity, corruption and high rate of unemployment.
Recall that President Muhammadu Buhari, recently approved the redesign, production, and circulation of new series of N200, N500, and N1,000 banknotes.
Central Bank of Nigeria said the issuance of new Naira banknotes, 20 years after last redesign exercise, will commence December 15, 2022.
CBN who frowned at high rates of counterfeiting of N500 and N1,000 banknotes, added that it would mop up about N3.32 trillion outside the banks’ vaults to take control of money supply in Nigeria.
The apex bank faulted hoarding of banknotes by members of the public, saying that over 80 percent of currency in circulation are outside the vaults of commercial banks.
CBN further stated that the redesigned currency will help Bank’s drive to deepen cash-less policy and complement increased minting of eNaira.
In his comment, Ibrahim A.I Abubakar described the CBN governor as one of the governors the Nigerian apex bank ever had.
He said, “This man is one of the worse Central Bank Nigeria have ever had. Instead of embarking on a policy that will solve the level of inflation that is prevalent in Nigeria now, , he decided to go on another voage of Economic Wastage thereby bringing more hardship and problem to the common man. He should have been removed by now. He is a disaster to the Economic Policy of this country.”
While one Sukani Jambile said “CBN Governor, Mr. Godwin Emefiele has launched eNaira last year with no benefit to Nigerians after he spent Billions of Naira and now he want to redesign N200, N500, N1000.”
Asuka Okwuose called on the government at various levels to be empathic with flood victims, saying that cushioning flood effect on the victims is more important than redesigning Nigeria.
