REDESIGNED NAIRA NOTES: SENSE OR POINTLESS AESTHETICS?

 Lawal Raimat

In a country bedevilled by poverty, insecurity, unemployment, lack of electricity, and poor healthcare and education systems, the prioritizing of new designs on our currencies over these numerous challenges left many Nigerians bewildered. 

Is there a good reason for this? Upon the unveiling of the new naira notes, the mint has been a cause for controversy. While some liked the new design, others called it the "Snapchat filter feature".

 Basheerah, a student from the Linguistics department argued that the new design on the currency notes is just a play on colours. 'I do not see any redesigning." - She added. 

Khadijah, a student of Nursing has a different perspective from other popular opinions. She sees the redesign as a way to control the circulation of Naira notes and reduce the rate of inflation that has hit the country in the past months. 

This is a good argument because there is likely to be a decline in inflation which will result in the reduction of the cost and level of scarcity of goods and commodities. It might have a positive effect on the country’s poverty index. It is the time for looters to bring out their stolen currencies and this will inform a loose cash flow in the economic market. The newly installed restrictions placed on withdrawing money are going to make it difficult for looters and launderers to play fast games on this issue. 

But is spending about 218 billion Naira to redesign a currency that has lost at the Global market worth it? Is it a political scheme or just another means to misappropriate funds before the masses catch up with the trick? Is it not of more sound reasoning to use the money on a project that would create job opportunities? Or as argued by Omoyele Sowore, used to pay ASUU and improve the education sector?

Someone who decided to remain anonymous said that redesigning currencies at intervals is the norm for developed nations but not a thing for third-world countries. She said; “It is not even a thing Nigeria should dream of; at least, not with the current state of the economy. It is just a way to "trademark" their administration. They keep coming up with excuses to curb corruption that has "always been fought against". Will there ever be an end to the fight?”

Bukola, a final-year student, sees the redesign as a good initiative but is not pleased with the design. She noted that the Central Bank of Nigeria did not do justice to the budget of the project. She stated that she expected to see a change in the structure and probably the pages inscribed on the note and not just a change of colour. 

The redesign to the naira notes has been done nevertheless and we will all get to spend it one way or the other. What matters is the outcome – the economic and national advantage. Will it be able to curb corruption? Will it reduce the rate of inflation? Will it control the circulation of the Naira notes? Or is it a fruitless exercise that gives nothing but a more colourful paper to hold and spend? Time will definitely tell and we will get answers to our questions.