Why We Need “Shiny Notes” – Goodwill Emefiele, CBN Governor
The central bank is required to redesign, mint, and circulate new local tender every 5 to 8 years to sustain a sound currency regime, the CBN has not redesigned the naira in the last 20 years.
Last week, CBN informed the public that they were redesigning and pumping new notes into the system, and the public wasn’t here for it.
We took time to find out why we need the “Shiny Note,” and here are our reasons.
1. To have the bank in control of money in circulation:
They consider it a problem that of the N3.23 Trillion in circulation, N2.73 Trillion is outside the bank vaults, in the hands of the public.
Emefiele says this has contributed to the inflation in the country.
2. To look good.
Much of the cash in circulation is rumpled and dirty, and this does not allow for a fine review on the CBN
As reported by Premium Times, the shortage of ‘clean and fit notes’ attends to ‘increased risk to financial stability.
In plain English, the cleaner and ‘fitter’ our notes, the more stable our economy.
3. Adoption of the eNaira
Having less money in the hands of the public will strengthen the cashless economy, thus encouraging the minting and adopting of the eNaira.
4. To dry up the well of ransom money.
If the public has decreased access to money, they’d be less disposed to exchange money for their loved ones in the case of kidnap.
Now some take to this are:
– Is this meant to discourage kidnappers? Have we not had cases of kidnappers, aggrieved that they were taken for a joke, killing their victims? And then life moved on like it usually would.
– Are there any complimentary moves by the government to forestall these kidnap incidents?
Because scheming to deny families of kidnap victims the means, perhaps even their only ticket to feeling the warmth of their kin’s embrace and brushing against their beards again, and not making as many efforts to save, questions the one’s humanity. Like beating a baby and stopping its mouth from crying.
5. To show vote-buyers premium shege
Some have stashed money away in garbage bags, crossed their legs, and are waiting for February 2023 to purchase power like pepper in the market.
The rendering of existing banknotes illegitimate after January 31, 2023, will mean the notes will hold no value to voters then, thus defeating election corruption in that regard.
While the central bank is required to redesign, mint, and circulate new local tender every 5 to 8 years to sustain a sound currency regime, the CBN has not redesigned the naira in the last 20 years.
Meanwhile, a brisk chronology of reworks of the naira is as follows.
February 28, 2007:
– N20 issued for the first time in polymer substrate;
– N50, N10 and N5 banknotes, alongside N1 and 50 kobo coins reissued in new designs;
– 2N coin introduced
September 30, 2009:
– Redesigned N50, N10, and N5 banknotes converted to polymer substrate due to the successful performance of the N20 (polymer) banknote;
September 29, 2010:
– N50 polymer banknote to commemorate Nigeria’s 50th independence anniversary, and her 100 years of existence as a nation
December 19, 2014:
– N100 Commemorative banknote
In mid-December, bank customers can begin withdrawing new denominations of the naira notes if they deposit their old notes with their banks.
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