Changing of bank notes; any impact on economy?

[BigBos]

I think it has some impact on the economy.  Changing bank notes help to stop the circulation of fake money.  This can bring inflation down at some point.  On a negative note, it will use the fund of the government, and changing notes needs huge amount of money because they have to pay for the design, materials, and production of the new banknotes.  This huge amount of money can be allocated to the development of the country's infrastructure or any profit-producing project that can help the economy way more than the idea of replacing the banknote.

If the negative side is using government money, I think infrastructure development can be delayed first. I think it's better to handle currency technology updates first. updated because the threat is that the circulation of counterfeit currency in society will result in inflation that cannot be controlled and will certainly affect the development and economic stability of the country.

If you look at counterfeiting for example, there are some highly professional criminals out there (and even countries like North Korea) doing this sort of forging on a large scale, so if your bank note security features are very weak then newer technological advantages could be very beneficial to preventing fraud. That seems to be the primary benefit you could get from a change, although you might get a sweep up of tax avoiders who have hoarded money in notes trying to cash in before the time is up.

It will only take months for the criminal group to counterfeit the new banknote, and at the end the scenario that is supposed to be fixe by changing banknotes will arise again in just a matter of month or two.  So I believe it is just a waste of government funds to change the banknote.

Maybe this can happen, but depending on the level of technology used by the government in making new money, I think using complex technology will be very difficult to imitate, and even if it can be imitated, there will definitely be a difference.

I think the circulation of paper currency now is very little because nowadays people use digital currency more for transactions so it will be easy to control the circulation of paper currency and identify counterfeiting.

[19Nov16]

When there is a very high inflation, my country is recorded about 5 times changing the value of the currency, the amount of money in circulation and too much is not good for the economy because it is worried that the value is increasingly down, with a reduction in value it looks more sturdy and simple, whether this can strengthen The economy can certainly be, the value of money really determines economic power.

[harapan]

the most notable among is that, a larger amount of the country's currency is in circulation. So, in an attempt to reduce the money in circulation, the apex bank in the country (Nigeria) redesign the bank notes and issued a deadline for the old notes to be returned to the bank.

From the reports I have read on this topic, the currency redesign is actually to boost the money in circulation, of which majority of it where unaccounted for. This means that the banks hold only a little of the nation's available cash, and out of those which are outside the bank, majority are hoarded, for different reasons, and are actually not circulating.

This and many other reasons brought about the new for the currency change.To answer your topic title, it doesn't have much of an economic effect imo.

Have you also thought of this way, with the current reports about the current Government and how poor they have been for the past eight years in Nigeria. Ahead of the elections which they have plans to rig they must have printed some big amounts of fund's to fuel the election, the political heads in charge of the elections. They have the power to print a big part of the money already and distribution must have started already amongst themselves.

The new print of money has paused the usage of dollars to an extent, which is helping increasing the value of things,but the living soul's in your country are just responsible for increasing and fluctuating the price of gas and petroleum, which makes it difficult for the less privilege. The drop in dollar usage had been seen, seeing the rise in naira but the inhabitants are just being cruel to themselves.

The Government has roles to play but they are not just going deaf ears about everything.

[Paul Pogba]

I think the main key to making the economy better is good political conditions, changing of bank notes won't have much of an impact, especially since the government is doing it in stages and takes a long time, socialization is the most important key to being able to make changing of bank notes a success, and I think this is a good technique to maintain the value of the currency.

[Frankolala]

Changing the currency will stop counterfeit and also help in the circulation of money since some Nigeria politicians hide the funds they stole in their houses,which will lead to poor circulation of funds in the labour market and hardship. When the currency is changed,the politician will have no choice than to bring out these hidden funds to change to the new one,therefore money will be much in the labour market and things can become stable.

For the economy of Nigeria economy to change, there are so many things the government need to look into,such as,tackling corruption and killing of bad leaders. Election is fast approaching in Nigeria,maybe the government printed new money in other to oppress their rival for him not to be able to meet up with the sponsoring of the his party during the election,since only the newly printed money might be in use then.