After the declaration of new naira Notes by the Central Bank of Nigeria, the internet had been full of disagreements by Netizens. The Deproposers of the order against the Proposers.
On Tuesday the 25th day of October 2022, the management of Central Bank Of Nigeria ably led by Dr. Godwin Emefiele made a declaration on New Naira Notes to be distributed to all Nigerian banks before the given deadline on 31st of January, 2023.
According to one of the Twitter critic of CBN, Daniel Regha wrote;
CBN doesn’t need to redesign N200, N500 & N1,000 notes, that’s a misplaced priority. Naira is literally w¤rthless at this point, the CBN should be looking for how to increase its value, not redesign the notes. This present govt keeps fai!ing Nigerians but some people d¤n’t learn.
Joe Aba later asked;
Yesterday, the CBN announced the redesign of some Naira notes. Views include: it’ll bring cash into the banking system and constrain kidnappers & politicians hoarding money; it’ll strengthen/further weaken the Naira; it’s pointless; etc. What’s your take and why? #NaijaKnowledgeX
Reno Omokri wrote;
I actually think the redesign of the Naira is a very good idea. Kidnappers, bandits and many corrupt elements have stockpiles of Naira that they can’t bank. This change will render their billions useless. The pound and dollar have been redesigned multiple times. On this, Emefiele did well! His job is very tough. Many people erroneously blame the collapse on the Naira on him. But the devaluation of the Naira is due to Nigeria’s high debt to revenue ratio, and low balance of trade position, which are not his responsibility. If he is sacked, chances are that his replacement won’t be any better. The finance ministry makes the borrowing decisions.
This policy will work, because the Money Laundering Act limits the amount of cash you can deposit in a bank. It also prohibits banks from changing cash from customers who do not have an account.
Additionally, when a country relies on foreign countries to educate and medicate its own citizens, its currency can never be strong. The UK issued less than 9,000 student visas to Nigerians in 2019/20. But this year, with ASUU on indefinite strike, they issued almost 66,000 student visas to Nigerians. If you assume that each student needs about £50,000 annually (tuition, boarding, tickets, health, upkeep, etc), that means as a country, we will need to send extra £2.85 billion per year! Now that’s just the UK only! None of that is Emefiele’s fault!
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