Browsing: notes redesign

In theory, a redesign begins with a problem.

According to the New York Times Magazine, redesigns fail when they address the wrong problem or something that really wasn’t a problem in the first place. While progress may entail change, change does not necessarily guarantee progress.

But a clever redesign, one that addresses the right problem in an intelligent fashion, improves the world, if just by a bit.

  • Nigeria’s central bank announced that it plans to redesign the 200-, 500-, and 1000-naira notes in a bid to mop excess cash liquidity from the economy, take control of money supply and curb spiraling inflation.
  • Among other benefits, the decision is a crucial step towards bringing back large volumes of money circulating outside the banking system.
  • The central bank has President Buhari’s support to launch the new currency designs and he “is convinced that the nation will gain a lot by doing so.”