• Business - Companies
  • Updated: December 17, 2022

New Naira Notes: Nigerians Weigh In On Redesigned Currency

New Naira Notes: Nigerians Weigh In On Redesigned Currency

Just as the Central Bank of Nigeria earlier announced, the new naira notes have gone into circulation.

AllNews Nigeria visited the GTBank Alausa Branch, Ikeja Lagos where various customers shared their views on the redesigned currency.

Ajibola Afolabi who expressed his disappointment said, "I was actually expecting a spectacular redesign of the old naira notes and then boom. All I could see is just a few changes in colour.

"Left to me, apart from the intent the changes are supposed to serve being for a security upgrade, which we pray should work out, the billions of naira used for the redesign or should I say changing of colours should have been digested towards executing other important projects."

John Olaniyi, another bank customer lauded the CBN's effort to redesign the naira notes but said it is not of good quality.

"The CBN's move to change the naira note is a good idea considering the fact that it would help curb terrorism in the country. 

"I have been wanting to touch this new naira note since I saw the picture online but I am disappointed with what I'm seeing here because it looks fake."

Also speaking, another bank customer, Olayinka, said the redesign will help reduce kidnapping and aid in growing the economy.

"The naira redesign will help curb kidnapping in the country to an extent such that some will have to back out when the old naira note is outdated

"If proper restructuring is taken, it will also help in boosting the economy because funds will be circulated.

On her part, Tolulope said the change is not the permanent solution to Nigeria's problem.

"Personally, I think changing of naira note is just a temporary solution to Nigeria's problem.

"Truly, the problem of inflation and hoarding is actually affecting the economy but I do not believe that changing the naira notes is the permanent solution to this.

"Though changing of naira notes would make everyone take their money to the bank presently, later the circle would continue again because the money would still be taken back to where they are brought out from.

“So basically, changing the naira notes is not the permanent solution."

Omolade Temitayo, a bank teller, described some customers as being eager to have the new naira notes, while some are also rejecting it, claiming they are not aware of the redesign.

"Some customers are eager to have the new naira notes while some are rejecting it, especially local traders who claim they are not aware of the naira redesign.”

Temitayo also revealed that the bank does not have enough supply of the new notes yet, so customers are paid with both old and new naira notes.

"For instance, if a customer wants to withdraw N20,000, we can give such customer N16,000 of the old naira notes and N4,000 of the new naira notes," she explained.

It remains to be seen how exactly the new naira notes will positively impart the economy.

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