The new naira notes are gradually making their way into the hands of Nigerians since their introduction. Many Nigerians have had their say and more still have a lot to say about the newly redesigned legal tenders.
Recently, the apex bank, the Central Bank of Nigeria (CBN) showcased the new designs to the public and it was greeted by a myriad of reactions.
According to international best practices, Central Banks of different countries are supposed to redesign their currencies within a 5-8 year cycle.
This means that the Naira was long overdue for a makeover.
Part of the reasons why currency redesign is practised is to prevent counterfeiting, preserve national heritage, improve the security of banknotes and control the currency in circulation among other reasons.
The new notes meet all of these requirements and more. A
According to the apex bank, the new notes have enhanced security features which makes counterfeiting almost practically impossible.
Additionally, the Central Bank is now in a better position to come up with a robust monetary policy.
However, beyond the economic, legal and security objectives that have been met with the new naira notes, there is the lingering question of the value of the naira.
This is the concern and the question on the lips of most Nigerians who are bearing the brunt of weakened currency in a country whose economy is import-dependent.
Nigeria has had the biggest economy for quite some time, but the buying power of the naira has been dwindling over the years.
The living standards have also taken a big hit and the news of the Naira redesign for security and monetary policy will hardly excite Nigerians.
How valuable is the naira? What can ₦100 for instance do for the average Nigeria?
Yes! The Naira may have lost some value, but it is not so bad that it does not have some economic value.
Let’s take a look at a few things ₦100 can buy an average Nigerian today.
You may have heard the very popular saying: ‘Water is life!’
That short statement is even more valid and profound in the Nigerian context.
Nigeria is a tropical country with very hot weather, so water consumption is very high in the country.
Besides, the country has one of the highest populations in the world, so water consumption is high as expected.
Thankfully, the Bottled water is still affordable and with ₦100, you can quench your thirst for water.
Lotteries are becoming very popular in Nigeria these days. Many lottery organizations are finding their way into Nigeria.
You can buy a ticket for any of these lotteries for a life-changing win.
Another industry that is enjoying even a much buffers boost is the online betting business.
Most of them charge a minimum deposit of ₦100 to try one’s hand at igaming, but most importantly, there is even an added incentive of claiming at least one betting bonus from the many available to Nigerians.
Nigeria boasts of one of the biggest Mobile Telecommunications markets in Africa due to its population size.
More than 80 million inhabitants of the country use a mobile phone.
And it goes without saying that to use a mobile device for communication, you need to recharge with call credit.
Thankfully, despite the growing cost of almost every commodity or service, mobile phone users can still buy call credit for as low as ₦100.