President Muhammadu Buhari, on Wednesday, November 22, unveiled the re-designed naira notes before the commencement of the weekly meeting of the Federal Executive Council (FEC) at the state house in Abuja.
The Central Bank of Nigeria (CBN) had announced the plan to redesign N200, N500 and N1,000 naira notes in a bid to control the money supply and aid security agencies in tackling illicit financial flow.
However, many Nigerians expressed dissatisfaction about the newly-redesigned notes, adding that the naira was only repainted, not redesigned.
The director for currency operations in CBN, Ahmed Umar, on November 30, while speaking of the simplicity of the redesigned naira notes, said that the apex bank had limited time to tackle the problem of counterfeiting currency hoarding, among others.
“We want to solve a problem and we have a limited time to do that,” Umar said.
“Redesigning is about the change of colour or size. The ink itself is a security feature.”
In addition, the apex bank, on December 6, pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.
The CBN also directed commercial banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
However, controversies have continued to trail the planned policy of CBN to limit daily cash withdrawal for individuals and corporate bodies respectively.
A correspondent from The Street Journal on Sunday, December 18, went to the popular Wuse market in the Federal Capital Territory (FCT), Abuja, to ask shop owners and customers alike about their viewpoints concerning the newly redesigned currency.
This is a conversation which ensued between a The Street Journal reporter and a shoe seller identified as Mallam Musa.
TSJ correspondent: What do you think about the new CBN daily cash withdrawals policy and newly redesigned naira note?
Mallam Musa: I am not happy with the cashless transaction because I may end up losing my business.
TSJ correspondent: Why do you think you may end up losing your business enterprise?
Mallam Musa: I may end up losing my business because the the daily withdrawal policy does not permit me to withdraw more than N100,000 on a daily basis. This is not a welcome development as far as I am concerned.
TSJ correspondent: What do you think about the use of the new naira notes as a means of exchange in marketplaces?
Mallam Musa: Of course, I am excited about using the newly redesigned naira notes as a means of exchange for goods and services. Recently, one of my customers brought a pair of shoes from me for N10,000 yesterday and he gave him the new currency, but the new naira notes are still with me. I do not intend to spend it because I still have the old currency with me.
The Street Journal also interviewed Mr. Alfred, who sells goat meat inside Wuse market, to know his opinions about the newly redesigned naira notes.
TSJ correspondent: What is your opinion about the newly redesigned naira notes?
Mr. Alfred: I am very happy about the new currency. I am also excited about the fact that our customers have started paying us with these new notes because it is no longer news that the old naira notes will no longer be in circulation in 2023. I used to squeeze the old naira notes in my pocket before but I keep the new currency neatly in my wallet now. Although, it is obvious that the difference between the old and new naira notes is just the change of color.
The Street Journal also interviewed Mallam Ashiru who was in Wuse market to buy a bag of rice.
TSJ correspondent: What do you think about the newly redesigned naira notes?
Mallam Ashiru: I am very happy about the development. After the announcement was made by the apex bank on December 15, I never imagined that I would have the notes in my hand quite early, but I have the new naira notes with me as I speak right now.
The Street Journal also interviewed Madam Chioma, who owns a restaurant. Madam Chioma came to Wuse market to buy a new school bag for her daughter.
TSJ correspondent: What do you think about the new naira notes which are already in circulation?
Madam Chioma: I feel it is a good step to take because this has not been done for a long period of time. I will probably not spend the new naira notes until the old notes are no longer in my possession. In fact, I have taken many pictures of myself holding the new N500 note.
TSJ correspondent: Do you think the daily cash withdrawal limits will do more harm than good to Nigerians?
Madam Chioma: I have no issue with the policy, to be honest, I don’t normally carry stacks of cash everywhere I go, That is just me. In fact, I do not pay the monthly salaries of my employees’ in cash.
Conclusively, almost all Nigerians are happy with the new Currency.
