If you’ve been living under a rock because Buhari has shown you pepper, it’s time to come outside o.
On October 26, 2022, the Central Bank of Nigeria (CBN), through its governor, Godwin “Meffy” Emefiele — the crusader who just loves conducting experiments with our money — announced that it would redesign our big boy banknotes: ₦200, ₦500 and ₦1000.
We know you don’t take money matters lightly so we’d love to help you understand why this is happening.
Who sent Meffy work to redesign?
When Meffy calls for a special press briefing, you should know something’s cooking. No one saw it coming when he announced at the October 26 briefing that Buhari had given his blessing for the CBN to put some make-up on our most elite banknotes. He said he’s observed all the terrible things done to the naira notes and it was time to restore order. The CBN just wants to put the…
As the senior man of the Nigerian economy, Meffy gave us a breakdown of the reasons for redesigning the naira. Here they are:
It’s long overdue
According to Meffy, the global best practice is for the CBN to redesign banknotes every five to eight years. But Nigeria hasn’t redesigned banknotes in 20 years and Meffy needs to show Buhari he’s working.
Nigerians are hoarding too much cash
Meffy said Nigerians are hoarding over 85% of naira banknotes in circulation outside the banking system. Nigerians are hoarding his notes and he wants them back.
To be honest, we can’t say we blame people who aren’t leaving their money in banks knowing the numerous bank charges they pay and the regular disappearing acts of the money in their accounts.
Banknotes need a bath
Lowkey, it’s been a while since we saw fresh naira notes and Meffy doesn’t like that. Omo, we can’t complain and maybe clean banknotes will allow the naira to gbera against the dollar.
Producing fake banknotes is too easy
Meffy also doesn’t like how technology and advancement in printing has made it easy for fraudsters to produce fake naira banknotes. So… he wants to throw them a fresh challenge?
eNaira needs a boost
Despite the CBN championing eNaira as the best thing since agege bread, it simply hasn’t lived up to the hype. Nobody wants to be holding a failing currency when there are other sexier options in the market — who wants semo when there’s pounded yam?
Meffy thinks the redesign will give the eNaira a helping hand and boost Nigeria’s drive for a cashless economy.
Meffy wants to choke kidnappers
Times are about to get very hard for kidnappers if Meffy’s plan works. Apparently, the news of Nigerians paying millions in ransom has reached his ears and he wants to put an end to it. Meffy’s plan is to mop up the cash outside the banking system and dry up ransom payments for kidnappers.
What else should you know?
The new banknotes will launch on December 15, 2022 and coexist with the old ones until January 31, 2023. If you’re still holding the old banknotes by February 1, 2023, Meffy says you’re on your own.
The good news is the CBN has ordered banks to open their currency processing centers to accommodate cash deposits. You now have enough time to dig up those naira notes buried in your backyard. And the sweet part is Meffy has ordered banks not to charge you for cash deposits to ensure a smooth transition.
It’s time to say goodbye to your beloved old banknotes and prepare to say hello to new ones. Meffy just needs to tell us where to show up for the welcome party.
ALSO READ: The Naira Is Fighting for Its Life. Who Can Save It?
