Topic: Can A Redesign of A Countries Currency Note Improve Its Economy? - page 3. (Read 804 times)

As a good citizens i m to my country and with the way country are going currently redesigning our currency is the best option & decision taken so far, have you considered NGN circulation?
Yes, Let me break it down for you to understand why it's very important the redesigned our currency;
1. Our currency have been HODL for long by ex Presidents and Governors.
2. Those who were in power since 1984 have just practically hide our currencies to themselves and to their entire generation thinking the currency would remain the same continually.
3. To avoid bribery and corruption in this coming general presidential elections via 2023, Those political parties that claims they have money to bribe young youth with their stolen money will be no way and useless for them
4. We will have enough supply which might likely reduced the country hardship
5. Those Our looted funds will be invalid and useless to those who hold and stole from the poor Nigerians
6. This will restructure Nigeria after the General presidential Election, because those politician who think they have money could be kicked out and possibly it may leads to readjustment of some unfavorable constitution and condition sets in our jurisdiction & country.
7. Those Kidnappers that kept hiding their selves would have no option for those money to be entirely wasted, and with this they would be all reveal. There are more benefits to be listed

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They have already Issued a notification to market women and traders holding money in their locality to make a deposit to the bank with only newly created account of maximum NGN 5M and old account of maximum of NGN 50M in other to have the new notes collected, therefore i don't think changing Nigerian Notes would have any bad effects on the poor Nigerian rather only to the politician who is holding billions and trillion Naira to their respective home.
As a matter of fact, i don't have any Naira note in my home all savings in Bitcoin and Usdt so i advised every smart Nigerian who is in this forum to do same and wait till the new Naira Note go in circulation or Generally acceptable. Possibly you could leave few NGN to your account for just PoS & shopping transactions.

WE MUST HAVE A NEW NIGERIA, AND MAKE THOSE WHO THOUGHT THEY HAVE STOLEN AND HODL NGN USELESS.

On brighter side it creates demand since there are investors who want to see good design on some notes and might their action can gather attention from global investors. On darkest side maybe those corrupt politician just use this alibi for them to get more money from government funds.

But nothing happen unto this plan even how good the beautification they do if their official is corrupt since for sure there's no investor will spend their investment on a country if they know that they cannot get huge benefits especially if their officials are so greedy on money.

A corrupt government will always find a way to get easy money and printing a new design money might be one of the best option for them.
I'm also wondering why there's a need to redesign the currency where in fact it doesn't change the value of it.

If they really want to make their currency more powerful it's better for them to focus on important matter on how to deal with their economic problem. In my country, we printed a lot of new money almost every new president they redesign it but look at our currency right now, it is still weak.

It won't have any effect on the vote-buying spree of politicians, since politicians can just exchange their old notes for a new ones and then continue buying votes.  If this is one of the major reason why the government is redesigning notes, I found the people behind that government laughable.


So the new design will be use to trace criminals, still, criminals is possibly one step ahead of the government, I am sure since one of the replies stated that many government officials are looters, these criminals will just pay someone from the banking institution to clear all traces of money exchanged for the new notes.


They choose that one because it is easier to implement and easier to loot money for the development and production of that new note.  The government should focus on how to improve their GDP.

The nation is dealing with a number of issues, so starting with the redesign of the fiat currency is a step in the right direction for solving those issues. I don't see the currency change harming the people because the justifications are clearly stated and justified, but rather helping the nation's economy.

Since the news broke, there has been an increase in the naira's price in relation to the dollar. This will continue to be an issue since those who have been hoarding or hiding naira notes for a while would want to convert them for dollars because they won't be usable beyond the central bank's specified period of time. Now that dollars are in strong demand, their exchange rates to naira would increase dramatically. After the currency has been redesigned, the price equivalent will change vice versa.

Politicians can never be completely trusted, but it's possible that they have a secret plan to rebuild the currency. After everything our country has been through, we may have to deal with another political crime from our leadership if their true intent is not transparent to the general public. As of right now, it appears that they are moving the nation's economy in the right direction.



The Nigerian government is redesigning the fiat money for a number of reasons, including this. Many Nigerians have fallen victim to being conned by counterfeit naira notes, which is a big concern for the country's citizens. The highest denomination notes in the country, the N500 and N1000 notes, make up the majority of counterfeit currency and have done a lot of damage to people. If this was one of the primary reasons they decided to redesign the currency, I have no issue with it.

But the politicians which are the people that are in those positions supposedly to take the difficult decisions to improve the country will never do that, why? Because it is political suicide, no one wants to hear that in order for the country to recover great sacrifices need to be made and that very difficult times are ahead of them, what they want to hear is that somehow things are going to improve on their own, so politicians prefer to not take action and hope for the whole thing to not explode when they are the ones in charge, this is obviously bad for the country but good for themselves and their economic interests.

Pros and Cons are always there and happen to everything in this world, so don't be surprised when there are people who support something and others who don't. Because those who support must have a reason and there is a little will from their hearts that they can achieve through it. Likewise with those who do not support which may be due to the absence of benefits they can get. So it's a common thing that happens to every thing when something has to be remade.

I think it could just boost the economy, depending on how things are. But somehow, I feel like it's just going to be a waste. That is, in that way, people who lack can benefit?

Surely there are some people who support the redesign of money, but surely there are also those who do not support it.

I have been doing numismatics and bonnistics since childhood
There are also banknotes of Nigerri in the collection. In general, you can find their scans on the Internet to understand what I'm talking about. So - until 2019, virtually all banknotes look, to put it mildly ... cheap and somehow "artificial". There is no sense of significance and weight of money. The new 100 naira banknotes, I have them in 2019, already look more attractive. Let's just say - banknotes, and coins, in a sense, are part of the culture, history, and part of the "clothes of the country." For someone it is poor and modest, for someone it is pathetic and with a claim to "high cost" but cheap. And someone has neat, informative, pleasant to own. It seems to me that the attractiveness of the currency affects the image of the country, creates an additional positive message, makes people respect the money of their country.

There could be aesthetic factors that affects a person's decision to use currency or not. However, I do not think redesigning your currency's appearance is gonna cut it for people to start spending more and therefore combat inflation. You have to show the people that your money is more worthy of being spent than being saved, which is really easier said than done considering even the superpowers are having trouble finding this sweet equilibrium between buying and selling. All in all, the point is that the money to be spent in figuring out a new design for your money could actually be used for something else that could help the people of Nigeria.

More or less everyone knows what needs to be done to improve the economy. At least they have ideas. However, the economies of many countries are bankrupt. Redesign is a waste of resources, as in this example. They need to be able to devote resources to reforms and constructive programmes. When economic decision makers continue to grapple with them, the result will always be frustration. You don't even need to be an economist to know this. Measures taken to save the day. And the consequences have always been damaging.

I do not think redesigning the national currency note will help improve the economic situation of a country.  I see it as only cosmetic to an aging face.  It will only create an illusion that the currency of a country had appreciated because the government set the initial value as that but in reality, nothing had changed.  There is far more needed to improve than just redesigning of the currency notes.  If the government is willing to improve its economic state then the government should plan for programs that will help develop the economy.  They should launch profitable ventures, projects that will secure jobs for every graduate, partnerships, improve the import and export system proficiency and clear the government of corrupt officials.  That way there is a huge chance that the economy of a country will improve.

The Turkish story will be like that of Nigeria. There is no need to change the Nigerian currency because Nigeria is virtually not producing anything or exporting to exchange for foreign currency or to improve the GDP, so how will change come? It is just a rebranded currency with nothing to improve on the economy the cost of printing is even going to be a burden to the economy.

From the Nigerian experience also, it is looking like political decision to make some politicians go through hard times and restrategize for the election that is close and this may change their performance. This move is not economical. In 1983 when the current president was the military head of state, he also changed the currency to frustrate the politicians that he overthrown through coup. The political climate may be playing out again, this is the sentiment and emotional analysis in Nigeria by political analysis.

I don't see any benefit at all. It's just unnecessary cost to the country. How can it contribute to the development of the economy?
Let me tell you funny thing we witnessed. In 2005 Turkish government deleted six zeros from currency and mention it like money is more valuable. They perpetuated this misconception for a long time. In fact, nothing had changed. The only advantage was that calculations were easier. Trillion, quadrillion was hard to deal with, even reading the big bucks was challenging. After 6 zeros were discarded, of course coins were printed again. First, banknotes with "New Turkish Lira" were used, then when the transition period was over, new money was printed once again and the "Turkish Lira" was adopted. All this had a cost. Even after 17 years, there are still people who pronounce money with the number before the six zeros were deleted.

It's great that someone has finally figured out the main reason why the Nigerian government is looking to redesign their fiat currency. I think this is also one of the good ideas to help the government recover that huge amount of money. But whether the government has calculated it, means they are sure that it is a large enough amount to affect the economy needs to be revoked and spend millions of dollars just to redesign and release new currency. Or is it just an excuse for them to cover up their poor management. Besides, they also need to have a policy against this to make sure it doesn't happen with the new currency.

I think the Government has made it known why they are doing this even if most of the citizens might not agree with the move to redesign the 200, 500, and 1000 Naira Notes. They claim that there are too many of those monies in the hands of Politicians that are planning to buy election votes in the coming 2023 General election and we know what the story was with the last concluded primary elections of some 2 major parties.

Also, the government mentioned that, with many of the Kidnappings that have happened recently, Billions of Naira are in the hands of the Bandits and their sponsors and this will either all of them to return those old designs to the bank or choose to lose them when those notes expire as Nigerian Legal tender by 31 January 2023.

I too believe there would have been a better way to address the insecurity Issue the country is facing and deal with the corrupt politicians instead of spending money that the country doesn't have on redesigning and printing new currencies which would have been used for other very important areas of the economy like the flood issue the country is currently facing.
 


 

This is so laughable because the redesigning of the currency notes has nothing to add to the development of the nations (GDP). A country that has 90% rate of unemployment, 90% rate of insecurity and a very high level of inflation hitting up the country not to talk about the value of the Naira notes in which they plan or should I say they have started spending billions of dollars to redesign means to the poor masses. I think this is another good opportunity they want to utilize to steal more funds so they can channel it to their selfish campaigns since they have realized that the youths are against their political agendas. As a Nigerian, I can attest that the reason for this development is nothing but for stealing and nothing else.

Knowing that Nigeria is one of the countries with many politician looters, one small effect is that Redesigning the currency can render all the money that some of them have stolen and kept outside the banks say in private residency, buried in a pit or kept in a box somewhere, A new design will make all those useless. Since many of them will not be able to deposit in the bank for a change to the new designs without being flagged, the money becomes useless.

I can tell you that this will not have any positive impact on the economy of the country even the smallest. This could be an act related to the quality of the old currency or to distract the public in order to cover up the current government's mismanagement. Currency redesign is not uncommon, it happens frequently in developed countries but the problem in Nigeria is probably different. Instead of focusing on changing the currency's design, they should focus on improving the economy and people's lives. Distributing new currency as well as revoking old models would be costly and time consuming.

No doubt, redesigning the Naira has many advantages. In many ways, it will help curb many illegitimate activities by rendering funds that have been held by criminals useless once the old notes become illegal. Sure, this is a great move, but ill-timed.

Certainly, there are also ulterior motives for this last-hour policy. And that’s the concern of many Nigerians. That this step is an economic necessity at this point

Again, why pull up this kind of policy when the economic crunches are still biting the people so hard? This, of course, will add more layers of suffering to the masses