Nigeria banknotes - old design not legal tender from 1 February 2023

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Nigeria banknotes - old design not legal tender from 1 February 2023

Post by King Tut »

Heard on BBC Africa service this morning whilst walking the dog. Thought I'd share the information as this is a worldwide forum

The various articles I found on it were a bit disjointed, but the following is a summary:

Nigeria has issued new designed banknotes of the naira (the currency) from 15 December 2022 and that old naira notes need to be exchanged at banks before 31 January 2023 when they will cease to be legal tender.

The redesign of the naira is claimed as a way to curb the increased circulation of counterfeit notes in the country. The Nigerian president Muhammadu Buhari said it's part of the fight against corruption, terrorism, kidnapping and other unlawful practices - where the higher naira denominations are predominantly used (being the ₦200, ₦500 and ₦1,000 notes).
Nigeria banknotes - old and new design (image from the web)
Nigeria banknotes - old and new design (image from the web)
Last edited by BigSaint on 27 Feb 2023 01:04, edited 1 time in total.
Reason: Place In Line used to remove wording attachments
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by Global Admin »

What a dopey idea to keep the SAME designs! A dirty new 200 will look just like the old ones. :lol: :lol:

And what stops the forgers doing the new colours? Go POLYMER folks ............

Just like the dullard Brits demonetising 100 of millions of quid old machin head stamps, DESTROYING the collector market for them overnight, and the forgers were onto the new ones in weeks. Not cancelling either was a large part of the issue. A dumb idea is a dumb idea. :roll:
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by yellowduck »

BBC has reported banks running out of supplies of new notes, so many people can't make withdrawls from their bank accounts, and in turn can't shop for food at the supermarket - cash society, no debit card to tap. :o
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by Number-O-Ne »

Don't they already use Bitcoin anyway?
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by sebjarod »

yellowduck wrote: 27 Feb 2023 00:10 BBC has reported banks running out of supplies of new notes, so many people can't make withdrawls from their bank accounts, and in turn can't shop for food at the supermarket - cash society, no debit card to tap. :o
The same, for the same reasons - fight against counterfeiting and corruption -, took place in India in November 2016 with the demonetisation of the 500 and 1000 rupie banknotes overnight... replaced with insufficient numbers of new 200, 500 and 2000 rupie notes.

And for at least two months, many adjustments to avoid social disruption: tax administrations, public (railways) or utilities companies, even some gas station brands were authorized to accept payments in these notes as many people hoarded them. In rural areas farmers were afraid they could not buy fertilizers in time for agricultural work.

When I followed that then, urban people, some street vendors and shop owners shifted to payment app on smartphone or banking through sms. At minimum one needs a bank account and a SIM card. Some Indian states tried to open such banking forms to their rural or poor urban inhabitants.

At one point the federal government proposed to use the Aadhaar individual code and chip card as the base for a universal ID code and mean to provide banking services to 1 billion inhabitants. Mid-2017, last I heard, the Supreme Court of India was suspicious for the protection of privacy rights.

As Prime Minister Modi is still at the height of Indian government, I imagine Indians have found ways to live on. I think that payment through app or sms would be part of the answer as they are growing and encouraged in some African countries way faster than Europe (but for the Euro younger generation and their app).


It was discussed on StampBoards over there: https://www.stampboards.com/viewtopic.php?t=73802
Last edited by sebjarod on 27 Feb 2023 21:53, edited 2 times in total.
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by sebjarod »

Number-O-Ne wrote: 27 Feb 2023 00:41 Don't they already use Bitcoin anyway?
Yes, indeed: in Summer 2022 a third of African cryptocurrecy owners were Nigerians (Bitcoin.com by Terence Zimwara):
According to Triple A’s latest crypto ownership data, the African continent now has an estimated 53 million cryptocurrency owners. This constitutes about 16.5% of the estimated global total of 320 million. Out of all the crypto holders in Africa, Nigeria accounts for over a third of the total, or just over 22 million.

Globally, Nigeria has the fourth-highest number of crypto owners, while the United States is the top-ranked country, with 46 million cryptocurrency holders. According to the data, India and Pakistan are the next top-ranked countries with 27.4 million and 26.4 million crypto owners respectively.

Meanwhile, Triple A’s data shows that South Africa is the African country with the next highest population of cryptocurrency holders at 7.7 million. This figure constitutes nearly 12.5% of South Africa’s population. Kenya has the third largest population of crypto owners in Africa, with 6.1 million or 11.6% of the country’s population.

Completing Africa’s top five countries with the highest number of crypto owners are Eygpt and Tanzania which have 2.37 million and 2.32 million holders respectively. Seychelles, which has an estimated 1,257 crypto owners, is the lowest-ranked African country.

And it's the Nigerian government's responsibility, from The Guardian, 31 July 2021:
When the Nigerian government suddenly banned access to foreign exchange for textile import companies in March 2019, Moses Awa* felt stuck. His business – importing woven shoes from Guangzhou, China, to sell in the northern city of Kano and his home state of Abia, further south – had been suffering along with the country’s economy. The ban threatened to tip it over the edge. “It was a serious crisis: I had to act fast,” Awa says.

He turned to his younger brother, Osy, who had begun trading bitcoins. “He was just accumulating, accumulating crypto, saying that at some point years down the line it could be a great investment. When the forex ban happened, he showed me how much I needed it, too. I could pay my suppliers in bitcoins if they accepted – and they did.”

According to bitcoin trading platform Paxful, Nigeria is now second only to the US for bitcoin trading. The dollar volume of crypto received by users in Nigeria in May was $2.4bn, up from $684m last December, according to blockchain research firm Chainalysis. And the true scale of crypto flows through Africa’s largest economy is likely to be much larger, with many trades untraceable by analysts.

An array of factors, from political repression to currency controls and rampant inflation, have fuelled the stunning rise of cryptocurrencies in Nigeria. In February, the government took fright and banned cryptocurrency transactions through licensed banks. In late July, it announced a pilot scheme for a new government-controlled digital currency – hoping to reduce incentives for those wanting to use unregulated crypto.

I recall an article in The Continent (a free weekly on pdf published by a South African newspaper) around Summer 2021 about Nigerian people who had bitcoins as a way to receive and pay daily: a commercial artist who wished to be sure of the amount between he accepted an order and the delivery, etc. Not much people who were there for speculation.
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by ViccyVFU »

Global Admin wrote: 29 Jan 2023 15:49 What a dopey idea to keep the SAME designs! A dirty new 200 will look just like the old ones. :lol: :lol:

And what stops the forgers doing the new colours? Go POLYMER folks ............

To be fair, the new notes are a lot MORE VIVID COLOUR, and with added security features.....

200_small.jpg
500_small.jpg
1000_small.jpg

The decision not to go polymer might be related to costs.

The top value note (1,000 Naira) today is worth "just"
NGN.jpg

A lot of money in the local economy, but an expensive "production folly" if the currency (or regime) is unstable.

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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by Global Admin »

It was a typo for the greenish 500 value - which I still argue will look about the same as the old ones when dirtied up and soiled after heavy wear. :lol:

WHY deliberately choose the same general colour.

Capturegg.JPG
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by Catweazle »

King Tut wrote: 29 Jan 2023 14:02 The Nigerian president Muhammadu Buhari said it's part of the fight against corruption, terrorism, kidnapping and other unlawful practices - where the higher naira denominations are predominantly used (being the ₦200, ₦500 and ₦1,000 notes).
Problems solved! :lol: :roll: :lol:
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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by ViccyVFU »

Global Admin wrote: 28 Feb 2023 17:33 It was a typo for the greenish 500 value - which I still argue will look about the same as the old ones when dirtied up and soiled after heavy wear. :lol:

WHY deliberately choose the same general colour.

No, they have migrated to single colour, from multi colour.

Perhaps this might make it clearer : Old notes at top

h1.jpg
Old versus new Nigerian 500 Naira Notes - Front

h2.jpg
Old versus new Nigerian 500 Naira Notes - Back


Even after a couple of years of "peasant sanitation" use, they'll still look quite different. :D

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Re: Nigeria banknotes - old design not legal tender from 1 February 2023

Post by Global Admin »

Got it - lets not realise the other side was multi-colour - .. Lets go high tech and progress to monocolour! Gotta love the logic. :)
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