It was news to me just two days ago during the Hive engagement activity that my beloved country, Nigeria has plans to redesign our currency but it's no news to so many of us in the country now that this seem to be coming on real true and we might really be witnessing it come December as they've set the date for circulation of new naira notes by December 15th.
At the moment, from a source I read, the redesigning of new naira notes (200, 500 & 1000 naira notes) has been done awaiting circulation date which will last for less than two months before old naira notes will be completely banned from usage.
The reason for the redesigning of new naira notes...
Even though they've given a few reasons like "To minimize the amount of money outside the country or hidden away by greedy citizens" and "To minimize the cases of kidnapping as the access to huge amount of money is asked for ransom" as some of the reason for redesigning the naira notes, I can't help but think that there are hidden reasons they have in mind for this action they want to take.
I agree with the reasons they gave, I mean, a lot have been said about people who bury money in their houses when they know fully well about the hardships people out there are going through but they don't care and I think the government are trying not to care about them also by making the redesign plans to render a lot of those money useless... But will this be possible?
I've read other updates that the banks in Nigeria have added Saturdays also for customers to get the chance to deposit their cash before new currency circulation starts, isn't that helping those greedy people bring out their money and save it with the bank? Well, not after a few of them will give account of how the money were earned considering the large sums that will be realized... We can only hope corruption won't be the order of the day.
Too sad that the redesigning isn't about adding more value to the currency...
After going through all the reasons given for the redesign plans, it is clear enough that they don't plan to do anything about the low value of the currency so it's almost like we are in same phase but with a different style (like same human but a different clothing). This is sad as I do worry for those who aren't earning in higher currencies like dollars but have to depend on the naira value to survive in the country.
Now, they are being asked to go save up their money in the present currency with the bank awaiting new naira notes circulation date... This won't in anyway add more value or increase to their money, instead they might just continue to get tiny debit alerts until circulation date.
Thanks to Hive existence, I'll make Hive my bank until circulation date instead...
I don't need to be told about the better benefits I'll gain if I have my savings here on Hive than with the banks, it's clear enough that I won't be bothering myself going to the bank for such transactions. It's not like I have a lot of money offline anyways but it is my advise to whoever would listen and has a lot of cash offline to think first about saving to Hive before any other place.
Having your money saved to HBD savings will earn you good interest passively, adding to your Hive power will increase your curation rewards and buying other tokens will put you in the right position for possible increases. I'm not going to miss out on that by depositing my money to the banks that don't add to my money.
The redesigning of new currency is cool, the reason given is good but not good enough as the value isn't pondered on, the bank plans isn't for me as I would prefer to have those plans with Hive than with the banks. I can't wait to see how things plays out after the circulation date, who knows? Things might be a little different as they've said.
What is your thought about the redesigning plans of Nigerian currency?
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