Remember President Muhammadu Buhari unveiled the new Naria note on Wednesday, November 23, 2022, as opposed to December 15, 2022, as had been earlier announced on October 24 by the CBN Governor.

Going by some responses gathered by DNTWOK from some Nigerians, you would agree that one of the major reasons the CBN moved to redesign the Naira notes was to bring sanity to the currency management situation in Nigeria.

Recall that CBN Governor Godwin Emefiele had complained that Nigerians are hoarding about ₦‎2.7 trillion from the financial system because out of the  ₦‎3.3 trillion in circulation, only  ₦‎600 billion is in the vaults of the commercial banks.

Emefiele also went further to say that the CBN had waited for 20 years to carry out the project, stating that the standard practice globally is for the CBN to redesign, produce, and circulate new local legal tender every five to eight years.

DNTWOK spoke with Mr. Otuagoma Kelvin Johnson a data analyst at the Federal University of Technology Akure (FUTA), who said he understands the government’s desire to push for a cashless economy and to also frustrate the plans of corrupt politicians who have hoarded billions of cash to share during the forthcoming election.

Johnson said that with this move by the CBN, some minted cash dated 10 years ago is now in circulation. He said, “Some cash minted as long as 10 years ago is now in circulation. If you see a cash that’s new but has an old date, know it’s one of those notes that has been saved for corruption.”

“So changing the currency would force these people to return the cash to the bank or be forced to spend it on other things just to avoid EFCC probing… “If they don’t spend it fast, the cash would be useless with the redesign of new currencies.”

Speaking on the impact the redesigned Naria will have on the economy, a trader, Mrs. Chinyere Owoh said that 80 percent of Nigerians, especially rural people, depend on cash transactions for their day-to-day business activities. She also lamented the hasty decision of the CBN Governor and the lack of proper orientation for the elderly who might not be aware of the recent changes.

Speaking to an entrepreneur, Miss Onwuamaeze Jennifer, opined that the Naria was not redesigned but rather recoloured. Speaking on the impact of the Naria on the economy, she said that there has been massive openings of new bank accounts and that there has been an increase in the exchange for dollars, thereby leading to an increase in the dollar price.

A UNILAG student, James Oluwasegun, has this to say: “I would want to look beyond the so-called redesign as I have my differences about it.” The reason behind the redesign is to enhance the circulation of money in the country and halt hoarding activities in that capacity. This is a good move ahead of the election because it will make it difficult for parties to pay election expenses. Ransom collected by kidnappers at this point is of no value, also limiting the acts, as they won’t engage in a traceable bank transaction. I do hope the strategy works effectively and ends the devaluation of the naira, and I also wish the government would be sincere with the figures for the so-called “redesign.”

While Nigeria can boast about being among the top 4 African countries to locally produce their currency, it is without a doubt that  the redesigned  Naria notes will reduce electoral fraud, vote buying, and hoarding of money by corrupt politicians and government officials.