Can A Redesign of A Countries Currency Note Improve Its Economy?

[Vaskiy]

Redesigning of country's currency won't bring big changes into the economy. Some country's follow it as a way to fool people. In my country one such incident took place few years back. During that time the decision was made over night and made many people loss their lives. Now the government is planning to make some addition of god's photo into the currency. Some even stated such a move will solve economic problems. I don't know what to say with these foolish politicians.

[glendall]

In fact, improving the design of money does not affect economic growth, only to look quality and reliable as a legal tender, and keep it from obsolescence, if you want to improve the economy, one government focuses on increasing micro and macro businesses and tourism as national wealth assets. each

[Myleschetty]

We can not be fooling ourselves about the redesign of fiat currency to generate an improvement of a country economy. it just a way of changing a glass that a water for another glass.
There will be no improve of the economy is the government can not redesign the unsuccessful monetary system

[dezoel]

Every country does the redesigning of their currency to improve the looks and add some security features that would be hard to forfeit and also to change some features that are present in a coin or paper bill already. And no, there's nothing it can do to you and the other countries economy. Perhaps it's just your first time to see a currency being redesign despite of your country's situation. You'll get over it soon once you see what are the results of having a new face of your currency.

If what you are saying is true then why the currency of Nigeria is being subject for a new design? Redesigning a currency can surely improve the look of a currency but I don't think it has to do with security. Security will only depend on the person that is handling the currency. About the feature, how can you say that there is a change about it when it was still a currency?

It's usages are still going to be the same. If only that currency will now have a QR code in it then yes because we can just scan the code to pay and it can now possibly be use online. I am not sure if valuing the currency more like keeping it than spending it, helps the economy because that will likely happen if people like the new design of their currency.

[EarnOnVictor]

In recent news, it is the plan of the Nigerian government to redesign its currency notes. I don't know why such a project at this time is even mentioned, because other worst case scenarios that require redesign is left abandoned or nearly abandoned in total.
My thoughts is on how such a government at these time of flooding and inflation would think that by redesign the currency, such issue will be the remedy to the countries huge debt margin or natural disaster ongoing.
Do you think the effect of redesigning the nations currency note will be of benefit to the economy and nation at large?
Let's discuss!

https://nairametrics.com/2022/10/26/cbn-redesign-naira-notes/

Redesigning of country's currency doesn't have economic value but has other benefits, so it depends on the angle at which you want to look at it. The CBN of Nigeria is responsible for this, not the executive and must have prepared it in their yearly budget, though it is unknown to the general public because their own budgets are not open like the other arms of government.

This is not peculiar to Nigeria alone, even the US which many see as a role model often redesigns its currency. This will curb many issues like counterfeiting, money laundering and hoarding, and ransom payments, and aids better accountability among others. Everything shouldn't directly be about the economic benefits only.

[JoyMarsha]

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

[Tony116]

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.

[Queentoshi]

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.

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.

[GiftedMAN]

In recent news, it is the plan of the Nigerian government to redesign its currency notes.

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.

[KaliLinux]

In recent news, it is the plan of the Nigerian government to redesign its currency notes. I don't know why such a project at this time is even mentioned, because other worst case scenarios that require redesign is left abandoned or nearly abandoned in total.
My thoughts is on how such a government at these time of flooding and inflation would think that by redesign the currency, such issue will be the remedy to the countries huge debt margin or natural disaster ongoing.
Do you think the effect of redesigning the nations currency note will be of benefit to the economy and nation at large?
Let's discuss!

https://nairametrics.com/2022/10/26/cbn-redesign-naira-notes/

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.
 


 

[Maidak]

In recent news, it is the plan of the Nigerian government to redesign its currency notes. I don't know why such a project at this time is even mentioned, because other worst case scenarios that require redesign is left abandoned or nearly abandoned in total.
My thoughts is on how such a government at these time of flooding and inflation would think that by redesign the currency, such issue will be the remedy to the countries huge debt margin or natural disaster ongoing.
Do you think the effect of redesigning the nations currency note will be of benefit to the economy and nation at large?
Let's discuss!

https://nairametrics.com/2022/10/26/cbn-redesign-naira-notes/

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.

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.

[ingiltere]

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.

[Gozie51]

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.

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.

[serjent05]

Do you think the effect of redesigning the nations currency note will be of benefit to the economy and nation at large?
Let's discuss!

https://nairametrics.com/2022/10/26/cbn-redesign-naira-notes/

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.

[eightdots]

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.

[Casdinyard]

In recent news, it is the plan of the Nigerian government to redesign its currency notes. I don't know why such a project at this time is even mentioned, because other worst case scenarios that require redesign is left abandoned or nearly abandoned in total.
My thoughts is on how such a government at these time of flooding and inflation would think that by redesign the currency, such issue will be the remedy to the countries huge debt margin or natural disaster ongoing.
Do you think the effect of redesigning the nations currency note will be of benefit to the economy and nation at large?
Let's discuss!

https://nairametrics.com/2022/10/26/cbn-redesign-naira-notes/

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.

[DrBeer]

In recent news, it is the plan of the Nigerian government to redesign its currency notes. I don't know why such a project at this time is even mentioned, because other worst case scenarios that require redesign is left abandoned or nearly abandoned in total.
My thoughts is on how such a government at these time of flooding and inflation would think that by redesign the currency, such issue will be the remedy to the countries huge debt margin or natural disaster ongoing.
Do you think the effect of redesigning the nations currency note will be of benefit to the economy and nation at large?
Let's discuss!

https://nairametrics.com/2022/10/26/cbn-redesign-naira-notes/

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.

[Sayakaaja]

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.

[Davian144]

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.

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.

[South Park]

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.

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.