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Nigeria’s New Naira Notes and the Meaning of “Redesign”
The Redesign Scam

I remember growing up and reading the follow-up (or sequel, if you may) to the short story "Eze Goes to School" titled, "One Week, One Trouble". The Nigerian socio-cultural, religious and economic terrain appears to be a classic example for that title.

One is never in want of something weird, bizarre, or in the words of the Patrick Obahiagbon (Igodomigodo); maniacally bewildering and regrettably lugubrious.

Yes, it is impossible to have a dull moment in Nigeria. Not with politicians who liken the global warming situation to finding an answer to the conundrum of how to stop a "church rat from eating poisoned holy communion". Or a supposed SAN who reads document written in black and white saying that a presidential candidate who benefitted or transacted in monies that were proceeds of hard drugs (narcotics), that the forfeited money as dictated by American laws were deductions on taxes.

While those are subject-matters for another post; the attention here is on the supposed naira redesign.

As most Nigerians will tell you; the announcement that the country's apex bank, the CBN, was going to REDESIGN the current denominations of the naira notes was met, as should be expected, with mixed feelings.

While there were the expected naysayers with misgivings about the necessity and relevance of the project; the majority of Nigerians were in agreement that the move was a brilliant one to, amongst other reasons, "curb counterfeiting and hoarding as the basis for redesigning and issuing new naira notes".

The CBN had said that the illegal act of hoarding the naira notes have seen about 84% of the currency in circulation outside of the bank accounts.

However, while the efficacy of the decision remains a point of contention; it is the fact that having unveiled the newly redesigned notes; there's nothing in comparison to the old naira notes to suggest that the CBN had actually put any thought into an actual redesign of the new naira notes, as all the change that Nigerians can see is a change in the colours of the old notes.

For the many Nigerians who have been waiting to exhale in excitement of the anticipated redesigned notes; the feeling and consensus so far, since the unveiling of the new notes today by the president, Muhammadu Buhari, has been that of disappointment. Not only had the "redesign" been only changes in the colours of the old notes; the anticlimax has been in the fact that the CBN apparently reverted to the old discarded colours of the predecessors of the outgoing old notes.

While Nigerians have anticipated a roar of a lion; we have been greeted by the whimper of a newly born puppy.

Will this government ever disappoint in taking us back into the dark ages?

Anyways, let's hope that the change in colour (I meant to say redesign) isn't coming at a cost that far outweighs what an actual "redesign" would have cost. After all; the same CBN once told us that it spent 10x the amount to print new currency in circulation earlier in the year.

For now; we will just have to go back to school to relearn the meaning of "redesign".

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