I believe the CBN embarked on this naira redesign after seeing this thread. https://www.nairaland.com/7248444/nigerias-currency-should-expiry-date
But they chose the repainting and discard the introduction of a new currency or higher denomination. this is the reason there is this panic.
The people the CBN are trying to put in check are the ones feeding the masses and so they can easily entice them to a protest not to mention tipping selfish bank officials for the new notes while the people that make use of it on a daily basis suffers.

The Objective first is to get the old notes to the bank while taking record of the amount of cash deposit flowing into which account and whose own.

The second objective is to make sure idle money stays in the bank or be replaced by a higher denomination should it leave the bank so that the CBN won't be minting money too frequent at the expense of the national budget.

The only quick fix has two option.

One is to introduce a very high denomination of the Naira to reduce minting cost, Let us say N10,000 note. With this people can have access to their money for investment and daily transactions and not be made to feel as if their money isn't theirs anymore. This is why I think over the counter limit is evil and wicked. With the new higher denomination, account owners can withdraw any amount they need in higher denominations while limits are places on Card transactions at the ATM for those withdrawing meager amount for feeding and other bill payments.
The other is to introduce a new currency different from the naira whose value will be equivalent to, at most, the highest denomination of the naira. This is not phasing out naira or making it of less value. It will make for some cash transactions to be less bulky and convenient.

Which ever the Central Bank of Nigeria chooses, The aim of the redesign is met while the government agencies faces the corruption in their own system and armed forces faces the bandits and kidnappers they are paid to handle.

I have always said that Nigerians are selfish and will find ways of taking advantage of any situation for selfish benefit, it is the duty of the government to create that platform but make it to work under a legal/legitimate framework. I have advised for an e-currency owned by the government with value higher than the black market value of dollar to entice the hardworking youth that earn foreign currency from the net to make use of this e-currency as it exchange hub. So it will appear they are working for federal government and earning FOREX for government and not bureau de change operators who sells to the highest bidder.

We can not continue to look and laugh at the victory over few criminals while ignoring the suffering of Many who are affected by the battle.

One step at a time.

So dumb of anyone to suggest this 🙄

Aristo3146:
So dumb of anyone to suggest this 🙄

Yes. we are in a very dumb nation. we are in this together.