- Many Nigerians are disappointed with the newly redesigned naira notes, which they say are a waste of resources
- According to them, the notes lack creativity and are too simple for the time spent redesigning them
- Nigerians, however, showed off their designs against the CBN’s, leaving many saying the bank should have consulted widely
The newly redesigned naira notes have drawn a lot of flacks and derision from Nigerians, who took to social media to express their disappointment and disgust.
The Central Bank of Nigeria (CBN) redesigned the N200, N500 and N1000 to control the money in circulation as it said about 80 per cent of the currency is outside the banking system.
Nigerians criticize the new notes
The CBN announced on October 26, 2022, that it was redesigning the naira notes.
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The new notes which President Muhammadu Buhari unveiled in Abuja on November 24, 2022, left many talking about their shortcomings.
Many said the new notes were only different by colour and lacked creativity.
However, creative Nigerians have taken to social media to show the apex bank what they wanted the naira to be. So, next time, CBN should ask Nigerians to submit specimens to the bank to choose from a pool of designs.
Nigerians show off their designs of the naira notes
One of the designs of the N500 notes shows bright and multi-coloured notes, radiant and attractive against what many said was a waste of colour, resources and time by the CBN.
Also, Nigerians compared the newly redesigned notes to the US $100 bills which have both new and old looks.
However, Nigerians are waiting for the CBN to release the amount spent on redesigning the new notes.
Features of new naira notes as Nigerians wait for D-day
The unveiling took place during the Federal Executive Council meeting in Abuja.
Godwin Emefiele, the governor of the Central Bank of Nigeria, announced that Buhari would do an unveiling and hinted at the possibility of the new notes beginning circulation sooner than scheduled.