Nigerians have expressed mixed reactions to the Central Bank of Nigeria‘s (CBN) plan to circulate redesigned naira notes.
Recall that Governor Godwin Emefiele announced the plan earlier today, noting that the redesigning of the naira notes was long overdue by global standards.
Many Nigerians have had a lot to say since Emefiele’s announcement. Nairametrics hereby present some of the most interesting opinions on the matter, as seen on social media.
What Nigerians have said
Twitter user Stan was quite stunned by the development and how quickly the CBN wants to implement the policy. He said:
- “Even in other countries where they change denomination designs. You can still find the old one while the new one circulates for months. You don’t just print a new design and expect to withdraw the old design in 2 months. Not possible.”
Even in other countries where they change denomination designs. You can still find the old one while the new one continue to circulate for months. You don't just print new design and expect to withdraw old design in 2 months. Not possible
— Stan (@stanleyy2k7) October 26, 2022
The presidential candidate of the African Action Congress, Omoyele Sowore, demanded that the CBN Governor should be fired for coming up with this policy. He said:
- “Central Bank of Nigeria to redesign banknotes 200, 500 and 1000 notes instead of boosting the value of the Naira. Jokers! Me: It is time to fire the CBN Governor, Emefiele. #WeCantContinueLikeThis.”
Central Bank of Nigeria to redesign banknotes 200, 500 and 1000 notes instead of boosting the value of the Naira. Jokers!
Me: It is time to fire the CBN Governor, Emefiele#WeCantContinueLikeThis pic.twitter.com/FJXuHmDOio— Omoyele Sowore (@YeleSowore) October 26, 2022
OkunwaUUA Another Twitter user identified as Oknewa said this news means trouble for people who keep their cash at home.
“The FG wants to mop up all the funds in the country. Wahala dey for people wey dey pack money for house. You must carry them, and go deposit them for bank. Banks are also going to experience an increase in depositors’ funds. Election 2023 on my mind!!!”
The FG wants to mop up all the funds in the country. Wahala dey for people wey dey pack money for house. You must carry them, and go deposit them for bank. Banks are also going to experience an increase in depositors funds.
Election 2023 on my mind!!!— OkunwaUUA🇳🇬 (@OkunwaUUA) October 26, 2022
Chukwuebuka Vitalis Martin was also stunned by this policy directive. He said:
- “Instead of making naira to gain value, they keep chasing shadows. Why not redesign 5,10, 20 and 100 naira? Why go for 200 and above? looting and corruption made easy. What Nigeria can not do does not exist.”
Instead of making naira to gain value, they keep chasing shadows. Why not redesign 5,10, 20 and 100 naira. Why going for 200 and above, looting and corruption made easy. What Nigeria can not do does not exist.
— Chukwuebuka Vitalis Martin (@bucusdenwa) October 26, 2022
Ayemojubar expressed his disappointment in the Central Banks’ inability to stop the naira from losing value. He said: “Naira fell from N190 to N760 under your watch, yet you have no shame but to redesign your failure?”
Naira fell from N190 to N760 under your watch, yet you have no shame but to redesign your failure?
— Ayemojubar (@ayemojubar) October 26, 2022
In case you missed it
Nairametrics explained the apex bank’s rationale behind the decision to redesign the Naira in this article.
