New colour, same Naira!


After much anticipation, president Muhammadu Buhari on Wednesday, 23th November, 2022 unveiled the redesigned Naira notes at the Federal Executive Council three weeks ahead of schedule. According to the Central Bank of Nigeria, CBN, the date for the unveiling was moved forward so as to more time for the old notes to the banks.

While unveiling the redesigned notes, Buhari highlighted the importance of redesigning the naira notes which according to him, includes; addressing issue of illicit financial flows, corruption, improving Nigeria’s economy as well as lifting the naira’s value.

The governor of the Central Bank of Nigeria, Godwin Emefiele, had earlier at the end of September 2022 said that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of commercial banks across the country, and supposedly held by the public. This is believed to have impacted the value of the currency.

Apparently, the central bank moved to redesign the naira in hope that it will force the currency hoarders to return cash to the banks.

Just hours after the new notes were unveiled, several Nigerians took to social media to criticize the CBN and express their disappointment at the new designed notes. Many Nigerians mocked the redesigned Naira notes by calling them “bleached Naira notes”. Some even argued that this move by the CBN ought not have been called the redesigning of the Naira but rather, the recoloring of the Naira.

Whichever side of the divide you might be, one cogent question begging for answer right now is whether the redesigning or recoloring of the Naira notes will have any positive effect on its value against other currencies such as the US dollar.


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