New naira redesign: Why Nigerians aren't excited about new notes

• Published date: 15 January 2023
• Publication title: Nigeria - The Nation

Exactly one month after the Central of Nigeria (CBN) officially released the newly redesigned naira to the general public precisely on Thursday, December 15th, 2022, there have been little or no excitements over the freshly minted notes as majority of Nigerians argue that the legal tender leaves absolutely nothing to cheer about, reports Ibrahim Apekhade Yusuf

There is a certain excitement and frenzy that usually heralds the introduction of new notes. But that hasn't exactly happened with the newly redesigned naira notes by the Central Bank of Nigeria, if the growing apathy and I-don't-care-attitude by Nigerians is anything to judge by.

Everywhere and everyone you turn to the story is just the same: Nigerians have been really unsparing about their dislike for the newly redesigned notes and they do not hide at all.

How it all started

The CBN Governor, Godwin Emefiele had on October 26 announced plans to redesign the denominated notes, saying the old notes would cease to be legal tender by January 31, 2022.

One of the justification the CBN head honcho gave for the policy regime is that currency redesign was to stop counterfeiting and hoarding.

Growing apathy

For many Nigerians, the long wait for the new notes, which are even scarce, may have further whittled down whatever excitements they nursed in their hearts.

According to Dr. Ibirogba Samuelson, after trying without success to get the newly redesigned notes from his banks, he vowed not to accept the new notes until otherwise decided.

'As far as I'm concerned, all these talks about new notes are all scam. In the last two weeks that I have been visiting my bank to get the new notes, and at the bank's ATM, I was paid with old, dirty and smelly N500 notes. Three people before me got the same, except one guy who out of N10,000 withdrawn said he got five N1000 notes. Four or so other people behind me all got dirty N500 notes just like me. I told you that the CBN's directive is just blowing hot air as far as I know.'.

Speaking further, he said, 'I have had transactions in banks and withdrawn from ATMs since the introduction, but I have not had the privilege of being paid with it.

'I hear it is sold at 'black market' to holidaymakers who want to attend events and spray them on celebrants. A certain guy even said to get N20,000 worth of new naira notes, you have to pay as much as N26,000. God forbid! Nothing, absolutely nothing works in this shithole of a country.'

When The Nation visited one of the old generation banks, in...