Michael Ogueke defends government decision of Naira redesign

Nigerian writer and Political economist Michael Ogueke has come to the Buhari administration’s rescue for approving Nigeria’s redesign. The Political economist has listed the features of the new redesigned currency of Nigeria.

First, in the Post, According to the reports from the Governor of the Central Bank of Nigeria, Godwin Emefiele, the redesigned naira notes are protected by several security features which will not only make it “impossible to counterfeit or duplicate” but will also enable the easy recognition of genuine notes.

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According to Professor Ogueke’s Facebook post, The redesigned currency has distinguishing features that anyone can recognize by touch & visibility. These features include raised prints, the security thread, & the watermark.

Further, Professor Ogueke revealed that the redesigned currency also has other features, such as the portrait, lettering, & denominational numerals on the obverse & reverse of the notes. These features are embossed.

According to the Nigerian writer and Political Economist Michael Ogueke, the raised print provides tactility. Meanwhile, the security thread, which ordinarily looks broken, is not. One can see the same when they hold a currency note against the light.

The currency has “CBN” in small letters on both sides of the notes.
According to the CBN reports, the naira notes are protected against photocopying.

On the other hand, additional features are visible under ultraviolet light. For example, each note’s serial number is black but turns green when viewed under ultraviolet light.

Michael Ogueke revealed that The redesigned new naira note comes with high quality, & just per touch, you can easily recognize a fake one.

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The sudden redesign of the official currency of Nigeria met with discontent from the citizens. They have claimed that the government of Nigeria and The Central Bank have made no significant changes to the currency notes. The citizens have argued that the redesign has no utility.

The various political experts, politicians, and economic experts, including the Governor of CBN, Godwin Emefiele, have come to the rescue of the present administration of Nigeria, supporting their decision.

According to Godwin Emefiele, It is mandatory for the naira to be redesigned and re-issued every five to eight years. It is done for the safety and security of the nation.

However, Godwin Emefiele further stated that It is regrettable that the naira has not been redesigned for the past 19 years owing to a lack of political will from previous administrations.

Further, the Governor spoke in front of the press at the launch event of the redesigned naira. He stated, In the past, I have to confess that the CBN attempted to redesign and re-issue the naira notes. Past Governments of the nation resisted these attempts. Only President Muhammadu Buhari has exhibited the courage to do so.

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