The new Nigerian currency

On Nigeria's New Currency

Nigerians were greeted with the announcement that some currencies, specifically,  200, 500 and 1000 Naira notes had been redesigned and that these new currencies will be introduced on 15th December, while the current currencies will be phased out until 31st January,  2023.

Well, the notes had finally be unveiled on Wednesday,  23rd April and the appearance leaves much to be desired at the surface level. With many people having the opinion that it was a mere colour change.

Whilst the rage continues, one can only wonder how a country,  as big as Nigeria, dubbed the most populous black nation in the world, with a population estimated to be over 200million, somehow there was no way to harness the true potentials of the country to get a better design beyond the apparent change in colour.

While it is argued, from the government representatives that the reason for the observed slight changes were to cut costs.

I had to read more and it's been confirmed that there are many security features which has made it stand out. Although these features can only be observed when the currencies are introduced into the country.

Well, be that as it may, people have used the avenue to return over 250b into the vaults of the CBN. I assume that this is the only advantage of the Naira redesign.