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 banking system and ensure that CBN remains in control of the cash flow as well as reduce the risk of counterfeiting our naira notes. 


As part of the naira redesign process, CBN has announced the 31st of January, 2023 as the deadline for the use of old naira notes as legal tender. 


According to the Punch newspaper, commercial banks have witnessed an exponential increase in deposits of banknotes - with some of these deposits ranging between N5 million to N20 million. This was recorded within two weeks after the naira redesign announcement. 





These deposits have reportedly been coming in the form of stale and old banknotes which can no longer be used. Whatever reasons these people have for hoarding such amounts of banknotes, they don’t bode well for the Nigerian economy. This, among others, is one of the issues the naira redesign is meant to address.


Yes, CBN seems to have sacrificed visual appeal and user experience at the expense of the purpose of the naira redesign. However, the naira redesign is a long overdue step in the right direction for Nigeria. So, even amid criticisms about the look of the new naira notes, be reminded that the purpose comes first.

FASINA INIOLUWA, 200L.


Fasina Inioluwa

200L

Comments

Post a Comment

Popular posts from this blog

UI Soil Resources Management Department Records Achievement

Image
  BY: Ademola Ifeoluwa  The Faculty of Agriculture at the University of Ibadan through the Department of Soil Resources Management, on the 29th of October, 2025, had an impressive milestone with the promotion of two of their lecturers from Doctorate  into the Professor rank.  Professor Eunice Thomas, is the first female Professor in the history of the department, since soil resources  management became a department. A move in history that has set a new era in the history of the department since its inception. She  is a lecturer at the Soil Chemistry Unit, whose rich knowledge and research work remain an inspiration among the students. Dr Julius Orimoloye of Soil Survey and Land Use Planning Unit has also been promoted to Professor. His promotion is a reward of his years of dedication, scholarly work, and benefitting the department and the university community. Congratulations to Professor Eunice Thomas and Professor Julius Orimoloye.
Read more

AGRONOMY: A department of Winners

Image
  Earlier today, 7th of November, 2025, Agronomy students experienced multiple wins in the Literary and Debating Organization for the Faculty of Agriculture, that is, the Vocal Knights Literary and Debating Society. The representatives of the department, Najimdeen Rabiu Ayomide (a 300-level Soil Resources Management Unit student) and Popoola Taiwo Abidat (a 200-level Soil Resources Management Unit student), emerged second position with 72.92% at Agri-Speak 3.0, organized by the Vocal Knights Literary and Debating Society. The Deputy Knight Commander of the Vocal Knights Literary and Debating Society, Kayode Grace from the Agronomy Department (a 500-level student of the Crop and Horticultural Sciences Unit), handed the position over to another person today. Popoola Taiwo Abidat will be the Deputy Knight Commander for the upcoming session. The position of Public Relations Officer for the upcoming session was also handed over to Najimdeen Rabiu Ayomide today. Congratulations to the wi...
Read more

AGRONOMY QUADRANGLE

Image
  ATTENTION! ATTENTION! ATTENTION! Planning to hold an event soon? Be it a meeting, hangout, picnic, or any other gathering, the AGRONOMY QUADRANGLE is the most suitable location for it.  The Agronomy Quadrangle is situated in the Department of Agronomy, Faculty of Agriculture, University of Ibadan. It has the capacity to accommodate more than eighty people, with access to fresh breeze and a serene environment, shaded by lovely, aesthetically pleasing trees.  A public address system is also available to ensure effective communication among the audience during any event. To book the location for your upcoming event, contact: https://wa.me/234703703071 By: Oguntola Rasheedat Ojuolape 
Read more