- A Nigerian man who seems to be working with the presidency has flaunted the new naira notes on social media
- President Buhari unveiled the new 200, 500 and 1000 Naira notes on Monday at Aso Villa
- Nigerians have reacted to the new notes while comparing them with other currencies in the world
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Nigerians have reacted to President Muhammdu Buhari's unveiling of the new Naira notes on Wednesday, November 23, 2022.
Punch reports that the new note was unveiled at the Federal Executive Council (FEC) meeting in Abuja.
"The new naira notes look like the old N20, N50 and N10 notes will Nigerians hardly spend now."
@emmydlilfire also reacted:
"Laziness is all I see all they did was to change the colours and use that as a means to steal billions of naira in the name of redesign, this is what I call recolouring of the naira.."
@MaryAdesanya7 also said:
"I can't find any design aside adding and reduction of colour!"
Eromonsele Destiny noted that:
"The color of this new 200 naira notes looks like that of china's yuan currency"
Why CBN embarked on changing naira notes
Despite the knocks and reactions from Nigerians on the new naira notes, the intention of CBN has always been very clear.
According to CBN governor Godwin Emefiele, introducing new look notes was to help fight inflation and mop up a large amount of Naira in the hands of Nigerians.
"Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks.
"In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher 6 denominations of N500 and N1,000 banknotes.
"It is therefore no longer tenable to continue with business as usual; especially 7 given the continually evolving circumstances that could impinge the optimal performance of the Naira.
"We believe that the redesign of the currency will help deepen our drive to entrench cashless economy as it will be complemented by increased minting of our eNaira. This will further rein in the currency outside the banking system into the banking system thereby making monetary policy more efficatious"
Nigerian banks announce new working days, closing time
Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails
Details of the contents of their emails and changes were captured by onebeat.com.ng.