Create your own economy - Femi Adesina replies critics of new naira notes

Since the announcement of the change of naira notes, many Nigerians have criticized the idea; saying, it will not necessarily benefit the economy in any way...

Femi Adesina, the Special Adviser to President Muhammadu Buhari on Media and Publicity, on Friday criticised those condemning the newly redesigned naira notes after they were officially unveiled by the Nigerian leader last week.

What happened: Many Twitter and Facebook users took a swipe at the Federal Government and the Central Bank of Nigeria (CBN) for what they described as an unimpressive design.

But responding to the critics via his weekly column, Adesina mocked them, asking disparagers to “create their own economy.

What he said: “They have tried to deride the new notes. Oh, it’s a mere coloring of the old ones with crayon. No rigour has gone into the exercise. Kidnappers will now start asking for ransom in hard currencies. Bla bla bla.

“They have an option: refuse to embrace the new notes, hoard the old ones, and continue presenting them as legal tender after January 31, next year. They will then have to create their own economy. Lol,” he wrote.

How Nigerians felt about the change: Since the announcement of the change of naira notes, many Nigerians have criticized the idea; saying, it will not necessarily benefit the economy in any way. However, it till zap money out of the system as it costs a lot to print new currency notes.

How much is CBN spending to print new naira notes: N75. 52 billion was spent on printing new naira notes in 2019; and N58. 07 billion in 2020 respectively. However, the apex bank is yet to disclose what it'll cost to print and circulate the new notes.