New Naira Policy: Views from Nigerians -By Ania Emmanuella Chukwuifunanya

The Central Bank Of Nigeria on October 26,2022 announced that higher denominations of the Naira including N200, N500 and N1000 would be redesigned and introduced into the economy from December 15, 2022 while commercial and other money deposit banks are all urged to comply with this new directive by returning all the old naira denominations to the Central Bank .

The new naira notes are presently not available to the members of the general public, the banking and other vital sectors of the Nigerian economy, and worse still it has been reiterated by the Central bank Governor and his colleagues at different fora that there would not be an extension of the usage of the old notes beyond the 31st day of January 2023 making it mandatory that all denominations concerned will cease to be a legal tender after the said date.

Furthermore, based on enquiries and findings made by our correspondent, It was discovered that some money lenders and bank automated machines are still dispensing the old notes and by so doing flouting the order and directives of the Central Bank Governor and consequently leaving the masses helpless and hapless. it is rather unfortunate that since the launch of the redesign of the new naira denominations the Central Bank Of Nigeria and other banking institutions have failed to ensure the wide circulation of the new notes, It is thereby necessary on the part of the Federal Government to mandate the Central Bank Governor to concede to an extension to a period when there would have been a substantial distribution of the new notes to Nigerians rather than inflicting on them more pain and hardship based on a policy some economists have described as highly unnecessary and insensitive.

Many Nigerians have expressed dislike of the currency as they have observed that the new bank notes, Which they described as ‘painted’ is actually cleaning off. A media consultant Mr Aderemi Lawrence Oluwanisola while speaking at the banking hall of the United Bank Of Africa in Marina, Lagos, Said the decision was a waste of time. He said “When you are talking about the new notes, It has no impact on the economy. It is only a mere renewal of new notes. It is repackaing. It has no economic effect. It is like buying new clothes and discharging the old ones.

“People say it is going to stop people from keeping huge sum of money in their homes, but this is not true. They may likely continue this attitude, immediately the new notes becomes widely circulated” A family in Gbako Local Government Area of Niger state has asked a suitor to take back the old N1000 and N500 notes he presented to the family as bride price in other to marry their daughter on the grounds that they no longer recognise it as a Legal tender.

However, to save Nigerians from falling victims of fake Naira notes, The Central Bank Of Nigeria released the security features of the New naira notes which was designed by the Nigeria Security Printing And Minting (NSPM) Plc. But on the other one, The cash limits which allows individuals to withdraw the sum of N500,000 (Five Hundred Thousand Naira Only) and corporate entities the sum of N5,000,000.00( Five Million Naira Only) on a weekly basis needs to be subjected to a proper and through scrutiny. The security features of the new naira notes shows 23 features on the N1000 note, 15 features on the N500 note and 10 features on the 200 notes to save Nigerians from victims of fake naira.

In conclusion, currencies are mere pieces of paper and it is expedient on the part of The Central Bank Of Nigeria to increase the volume of the new naira notes in circulation across the states of the federation in other to make the county more commercially viable and buoyant economically.

Ania Emmanuella chukwuifunanya.

aniaemmanuella234@gmail.com