Nigerians are long overdue for a change. Our lives have been going in cycles, and everything was already beginning to look mundane. So, the Governor of the Central Bank of Nigeria gave us what we needed: a new look for our currency notes.
I am sure that most of us are aware that it has been a long while since the launch of our e-naira but not everyone has used it. The beauty of digital currency is that it makes things simpler. It doesn’t need you to move around with money, all you have to do is be at a touch point to pay for things. Unfortunately, many Nigerians still have reservations about it because they feel “comfortable” with their paper currency. Well, times are changing! And it’s time we stopped worrying about how we divide our financial resources when these resources exist in our mobile devices!
The Naira is the most important means of commercialization in our country. It’s not about the money itself–it’s about who has power over it. If we look into how Nigerians have devalued the Naira, it makes us wonder if we are our enemies. We are always advised, either by other people or by the CBN media team, that we should handle our currency notes with care.
When you see how our country is struggling with debt and inflation, it becomes clear that our system is faulty. We need to change how we value money in our society so that everyone can share in its benefits without worrying about being ripped off by those who have more than they need.
It’s always sad to see a Nigerian handling Naira notes, whether by rummaging through their pockets or by signing on them (which makes me wonder if they’re using the signature to make the public aware that the particular note was created and thus belongs to only them.)
Currency redesign is popularly known to improve currency security. It does this by helping countries keep currency manipulation to the least, help manage inflation, improve the adoption of electronic channels for transactions, and also stay ahead of counterfeiting risks.
The CBN Governor had already predicted that the urge to redesign Nigeria’s currency would reduce forgery, promote a cashless economy, and discourage stockpiling of cash. And that is why he brought up the idea of changing the look of our currency notes.
The news at the beginning of this year was that Nigeria’s annual inflation rate accelerated to approximately 21%, and we’ve not had it this high since 2005. So, the currency change implementation brought forward by the CBN Governor will hopefully help us drop these figures down a bit, if not completely.
This instruction given by the Governor of CBN will not only teach every Nigerian (both learned and unlearned) how to use their phones to control what they buy or sell every day or help reduce how our Asoebi uncles and aunties deface Naira by spraying the newlywed couple or that grandma that just clocked 75, it will also help curb the rate of robbery in the country.
As we move forward with the new Naira notes, I want to remind my fellow Nigerians that we are not alone. There are many people who are trying their best to go along with the new rules set in place by the CBN.
Hold or fold. What do you think?