Why is it important for Central Bank to redesign national currency notes?

1. For improved security of the notes
2. To reduce or eliminate counterfeit notes in circulation
3. And currency control

These are major reasons.


Wait, I will explain more on this.

Yesterday, the new Naira note was launched by the Nigerian president.


Shortly after the specimen was made available to the public, the social media was on fire.


Citizens began to mock the efforts of the Central Bank.


As if that was not enough.


Basket mouth shared hilarious memes that got attention.

So I decided to enlighten hundreds of my friends who are viewing my WhatsApp status.

I was contemplating if this is an issue that I would like to talk about, but many people replied my status that it makes that I should enlighten people.

autofreak2020:
Why is it important for Central Bank to redesign national currency notes?

1. For improved security of the notes
2. To reduce or eliminate counterfeit notes in circulation
3. And currency control

These are major reasons.


Wait, I will explain more on this.

I don't understand why some people are complaining about the new notes. The CBN gave reasons they are redesigning the notes, so am not bothered about how the currencies look like

So, I decided that I am going to share my thoughts and use a popular currency as the benchmark for the educational content.

Na 100 dollar notes we go use.

Shey you get $100 for hand make you sef bring am out and check the facts.


Note: you don't have to agree on anything that I say, feel free to express yourself in a civilized manner please.

autofreak2020:
Why is it important for Central Bank to redesign national currency notes?

1. For improved security of the notes
2. To reduce or eliminate counterfeit notes in circulation
3. And currency control

These are major reasons.


Wait, I will explain more on this.

Oga...if you want to know what real redesign is...check the 100 dollar note before and after...how can they waste billions just to recolor?...there are going to be a lot of counterfeit notes with this rubbish that they did

As you can see, amongst the reasons that I listed in last post; the management of the Central Bank don't care about the aesthetic value of the notes.

It doesn't matter if it looks more beautiful or uglier. As long as these 3 reasons are achieved, every other things does not matter in that grand scheme of the events.

Do you understand?


What are the 3 reasons?

Let me remind you again


1. For improved security of the notes
2. To reduce or eliminate counterfeit notes in circulation
3. And currency control

These are major reasons.

They can add filter, logo, map, color and any other details.

As long as it not exact copy of the old notes, it doesn't matter if #16bn or #200bn was budgeted for the event. Once they are able to mint enough notes that will replace old notes. Mission has been accomplished.

Yes, the contract may be inflated, I am not privileged to have this information.
Did CBN governor perform his duty in current event? Yes

Look at this dollar note


1990 to 1996

This is 2001 note

Can you this one too?

After seeing all these, why are you dragging your central bankers?


What should they do to satisfy your expectations?


They should add different images to the new notes?

To expect that new note will be different from old notes because of the word 'redesign' is unrealistic.

And if you emphasis on this in the midst of Kings, dem go look you somehow.

Na why I say make I inform us before we cast ourselves in certain environments.

Naira notes has been secured. E get some comedies that makes people have -ve perspective about you, this is one of dem?

Maybe

autofreak2020:
After seeing all these, why are you dragging your central bankers?


What should they do to satisfy your expectations?


They should add different images to the new notes?

Look at the difference and tell me if you can easily counterfeit this...who is talking about image

Parachoko:
I don't understand why some people are complaining about the new notes. The CBN gave reasons they are redesigning the notes, so am not bothered about how the currencies look like

Exactly, the main thing is what it can buy.

Changing of naira colours has little or nothing to do with the so called redesign, redesigning has to do with general outlook, shape, size, physical features and not just colour. You can't change the color of your building and call it redesigning.
Emefiele is a criminal am sure he won't have done all this if his evil plan of becoming Apc flagbearer while remaining CBN governor had worked.

i wish the sizes of the new paper notes will be reduced to the size of the polymer notes__the paper notes just big for nothing...it's still not too late tho...Emiefele you can do it!

Rayban25:


Oga...if you want to know what real redesign is...check the 100 dollar note before and after...how can they waste billions just to recolor?...there are going to be a lot of counterfeit notes with this rubbish that they did

Dollar is has the most counterfeits in the world.

It is tough to fight counterfeits