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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Thank God I don´t have many naira notes offline that will make me queue at the bank wanting to save my money. I only withdraw from Hive or other tokens to meet my need so I am cool saving on Hive instead of in the bank.
Whatever the government decide to do with the naira notes, let them do it but if it doesn´t add any value to our naira notes, it would be unfair because even if you are trying to avoid those criminals who kept a lot of money at home, some will still end up saving in the bank once they bribe the bank. When money is involved, the mouth go shut up. May God help our country.
That is just the thing with the whole situation, we don't know how bad this may turn out to be for the naira earners but we can only hope that things turn out for our good.
As for me, bank will nor see unless I have issues with something else 😏
Ridiculous things keep happening in this country. When people complaining about flood killing their family members these people come from nowhere to do rubbish
that's the issue with this country , they don't have valuable reasons to making a change. it always about them self alone
Sad truth
We only have the choice to find a way to better our lives in midst of this, no giving up option haha.
Thanks for stopping by
no giving up o.
you are welcome ❤️
Exactly my dear 😌
I must tell you dear there's no way corruption can be reduced in this country 😢 even they said that they want to redesign the notes because some people have alot of money being stored somewhere it's the same people that will bribe the bank manager to change the money for them after everything, only them knows the main reason behind this anyways my own is just that they should not let us the citizen to suffer anymore. I pray this coming election yield to good one , thanks for sharing baby me
As in ehn... The thought of the whole thing is heartbreaking but we will keep hoping while we pray it all go according to God's will for us.
Thanks for stopping by, hope you're good 😊
Yes baby 💗 I'm very good and you dear
I'm good too 😌
Glad to hear 🤗 i wish the best today
The people who make these rules don't make them to benefit everyone
Exactly my point we just have to keep working hard because we don't know what will happen next
swear
I mean, it is none of the government’s concern who is hiding how much money where. Point is, it’s their money and they’re at liberty to do with it what they want, even if it won’t help the country. They’re bad people, but it’s still their money.
I was also hoping you’d say the redesigns will increase the value of the Naira though.
Yeah, you do have a point there... It's their money 😒
Well, it's sad that the value of the currency isn't of a concern to them so we've got to expect the worst by hoping for the best.
At this point, I don't see any reason for keeping money in the bank. So while they are making people deposit I am just buying more crypto till I am ready. After all, whenever they decide to allow get the new notes I can just do P2P and get it.
That is just it
No need of the banks now except for other bank issues which I really pray not to have... I hate banks 😩
Lol...I hate them too... a Very useless institution. Ever since crypto existed they started feeling threatened
That's true, sorry to them... Crypto is here to stay 😌
Is really nice but let hope it will be better
Yeah, we are hoping