OPINION
NAIRA REDESIGN: A FLOP? The unveiling of the redesigned naira notes was met with disappointment from Nigerians. A lot of people have insisted that CBN should not call it " naira redesigning" but rather call it “ naira dyeing ”. To determine if the naira redesign was actually a currency redesign or a currency dyeing, it is essential to know what a currency redesign is. Currency redesign is a process through which currency-issuing countries improve their currency’s security to deter counterfeiting. This is the main aim of currency redesign. This practice is usually done every 5-8 years. In Nigeria, the naira redesign is already 12 years due. According to the CBN Governor, Mr. Godwin Emefiele, the naira redesign was necessitated by the fact that banknotes worth about N2.73 trillion (85%) out of the N3.23 trillion currency in circulation were outside commercial banks as of September 2022. The naira redesign aimed to rein in the banknotes outside the ban...