#AzaDebate 1: Should CBN've released back old or new notes?

[Jared]

Hi guys.
Welcome to week 1 episode of #AzaDebate weekly. This is the maiden edition. Please participate and give feedback on how to improve.

MODERATOR: @Jared

BACKGROUND:
Late last year, the CBN under the approval ofthe Federal Government initiated the New Redesigned Naira Notes and Cashless policies. The ensuing exercise led to mop-up of old Naira notes from circulation, with strict deadlines. This exercise affected the average Nigerian citizens and businesses in critical ways.

The cash scarcity birthed created chaos as protests occurred in 2023. Banks were burned. We all know the story. We were all affected.

Subsequently, many state governors and other parties took to the Supreme Court where it was ruled that the old Naira notes should remain legal tenders, contrary to CBN's original plans. This was intended to alleviate the people's suffering.

After many back and forth, in a final response, the CBN obliged. Old Naira notes continue to be legal tenders till December 31 2023. And coupled with that, the CBN started releasing the mopped up old Naira notes back into circulation. This was alternative to simply releasing more new redesigned Naira notes into circulation.

Naira old and new notes

QUESTION:
Should CBN have released back old notes instead of the redesigned Naira notes?

WHAT'S YOUR TAKE?
Please support your points with useful facts.

Lets go!

[Posterity]

I believe CBN should have released more new notes instead of returning to their vomit. Anyway, we move.

Anyone they like, they should do. They should stop suffering us because of their political interests.

[TheJennyBVogue]

Yes. I really support that the old notes are pushed back in to the system for so many more reasons, also in order to increase the standard of living for the dependent age (75years and above).

[Jared]

Yes. I really support that the old notes are pushed back in to the system for so many more reasons, also in order to increase the standard of living for the dependent age (75years and above).

Instead of the old notes, if new notes were released, wouldn't this have achieved the same goal you stated above?

[Posterity]

This whole thing was about politics and not for better life of the people. Elephants are fighting and the grass are simply suffering the consequences.
The earlier we know this the better. They don't care about us.

[Midas]

CBN shouldn't have release the old naira note into circulation but rather printed more of the new note in lesser quantity to reduce pressure people went through during cash scarcity while they gradually withdraw from circulation to achieve the aim of cashless policy in due time

[exBanker]

CBN shouldn't have release the old naira note into circulation but rather printed more of the new note in lesser quantity to reduce pressure people went through during cash scarcity while they gradually withdraw from circulation to achieve the aim of cashless policy in due time

To me, its like a dog going back to its vomit. Someone said that term earlier.

It shows the CBN and FGN had bad plans or had no plans at all. Its very exasperating to learn that innocent people just suffered and died in vein in that past 4 months.

And no heads rolling. So much impunity.

[XXXL]

As a matter of fact, redesigning the Naira notes is not out of context, first and foremost, the new Naira design and the cashless policy has drastically reduced the incessant kidnappings, armed robbery and other heinous crimes ravaging the country in the past years, but its effect on the legally motivated citizens can’t be understated. The suffering people endured during the unavailability of the Naira notes is a clear indication of the CBN’s unpreparedness and its intransigences towards Nigerians.

Reintroducing the old Naira notes into the system is a sham, why not make available the redesigned Naira notes?

[Greatness]

The decision on whether the Central Bank of Nigeria (CBN) should have released back old notes instead of the redesigned Naira notes depends on various factors and perspectives. But this however, shouldn't be a problem.

It's important to note that the decision to release redesigned currency notes involves various considerations, including security, technology, public perception, cost, and logistics. The CBN would have likely taken into account these factors and others when deciding to release the redesigned Naira notes.

We all know this objective was sequential to the general elections conducted not quite long. The CBN has failed woefully again as regards their promises of circulating the new naira notes, to eliminate the hoarding of cash e.t.c.
I am sure at this point, everyone knows there is not much redesigned currency being printed. All they (CBN) are after will mostly benefit them and not the masses as usual. Their aim of promoting a cashless policy in the era of failed transfers, network issues and the rest is disheartening, no preparation, proper thinking or whatsoever from the CBN will always lead to chaos, and consistent failures.

Now the question is, what will happen after the deadline of 31/12/2023 to submit old notes when there isn't enough new notes to cushion the effect?

I rest my case.

#RELEASE NEW NOTES#

[Jared]

As a matter of fact, redesigning the Naira notes is not out of context, first and foremost, the new Naira design and the cashless policy has drastically reduced the incessant kidnappings, armed robbery and other heinous crimes ravaging the country in the past years, but its effect on the legally motivated citizens can’t be understated. The suffering people endured during the unavailability of the Naira notes is a clear indication of the CBN’s unpreparedness and its intransigences towards Nigerians.

Reintroducing the old Naira notes into the system is a sham, why not make available the redesigned Naira notes?

Now you made valid points. Kidnappings reduced because of lack of cash. That's a gain.

But reintroducing the old notes again has robbed Nigerians of this single benefit of the cashless drive.

It's disappointing. The old notes are being released en masse in banks as we speak. Going back to vomit.

[chasingheavens]

I think it was good that they released the old notes back into circulation. Why?
People suffered so much due to cash scarcity. For reasons best known to them, the CBN could not produce enough mew notes, and the alternative - transacting electronically - would have been well accepted by the people if the banks had reliable network services. But they didn't so it was necessary that the old notes be released back into circulation.

The best thing would have been for the new notes to be released of course, but our CBN...

#AzaDebate

[Ernest]

Yes sir