Banknotes: Controversy over New Reform

Even after the announcement of the redesigned naira banknotes, mixed reactions continued.

Some expressed anger at the federal government’s abandonment of its responsibility and abandonment of problems that needed urgent solutions such as insecurity, fuel shortages, rising unemployment and food shortages, while others expressed anger at the sudden decision. Some believe that there are hidden motives.

Political analyst Dr. Ruben Omachi, also a former lecturer at Usman Danfodio University in Sokoto, said the All-Progressive Party-led government wants to stay in power beyond 2023 and make it difficult for opposition party to stockpile enough funds to fight back, hence the redesign of the banknotes.

In an interview on Friday, Dr. Moses Unubi said the new designed banknotes will drag Nigerians backwards as it will take months for locals to understand and master the new banknotes.

According to his Donatus Umoru, a political science student at Zaria Ahmadu Bello University, he said the government is not concerned with good governance, but with finding ways to make people poorer. In his opinion, the rich who have amassed their wealth can become equally poor as all eyes are on those who deposit large amounts of old banknotes in banks.

Susan Adokole believed the currency redesign would increase inflation as more money would continue to chase less food/goods.

In her opinion, “Even if the country wanted to switch currencies, it should give enough time to enable people make deposits or use the money in possession to buy goods and give people more time to hold onto it.

She accused the government, led by President Muhammad Buhari, of making life difficult, and she added that the federal government had abdicated its primary responsibility for its decisions that will continue to impoverish Nigerians.

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