The Central Bank of Nigeria announced that they would be rebranding the ₦200, ₦500, and ₦100 notes. While this would not be on the list of things Nigerians are clamouring for at the time, it is worth noting that that the naira had not been rebranded in 19 years.

Here’s everything you want to know about the rebranded naira notes.

• According to the CBN, the new notes contain new security features which will prevent or greatly reduce the production and flow of counterfeit notes.
• These new notes were launched by the President on Wednesday, 24th of November 2022. They will circulate along with the old notes till the 31st of January, 2023, after which the old notes would not be accepted anymore.
• Banks in Nigeria are to be open from Monday to Saturday till January 2023. This is to ensure that people get a chance to deposit their old notes before the deadline.
• Bank charges on deposits have been temporarily removed. There is also no limit to how much one can deposit in a day.
• The redesigned notes look almost the same as the old ones, except with more red, green, and blue shades.

Nigerians have taken to social media to mock the new designs. Many claim that the CBN used Snapchat filters on our dearly beloved naira. Others have resolved to dye their old notes instead of stressing to have them changed.

It is interesting, however, to find that this is happening just months before the general elections. Past corrupt leaders have been accused of storing piles of stolen money underground, which they would distribute to the masses to buy their votes during elections.

The introduction of redesigned notes will put the looted monies out of play. Now, these corrupt leaders would be forced to deposit the monies in banks or risk losing them.

It is a long shot, really. But if Nigeria is serious about fighting corruption, this is a great move to put the corrupt leaders on the spot. With the BVN linking our bank accounts, they can monitor the deposits and money flow. When heavy, unexplained activities are noticed, the suspects can be invited for questioning.

This might not be enough to convict anyone yet, but it all comes together to build a solid case in the end when done right.