Since the Central Bank of The Gambia (CBG) released a new family of banknotes to the public, Gambians have been reacting with mixed feelings over the denominations and what they mean for business and economic growth.
The new 200, !00, 50, 20, 10 and 5 denominations featuring birds native to The Gambia have been in circulation in local markets and commercial banks nationwide since then.
Past dalasi notes carried the portraits of the country’s first and second president, Sir Dawda Jawara and Yahya Jammeh respectively.
Bai Saine, an Internet Cafe Operator tells the African Press Agency that changing the features of the currency would only make sense if it adds value to the currency.
Without this, he sees no serious rationale behind the frequent changes to the denominations.
“If changing it will increase it values and engender economic growth, reduce the cost of living for Gambians then it is good but anything otherwise I do not see the need to change anything.” Saine adds.
He however appreciates the new features on the banknotes, saying they are attractive.
“Look I am in possession of the new one hundred (100) notes, it is nice but I do not know the value it comes with it yet” he points out.
Some Gambians appear happy that the new banknotes do not feature the faces of individuals especially past and current generation of political leaders.
For Babucarr Sallah, a tailor, national currencies should be neutral national representations. He says important historical places or relics should be used instead.
“The new notes look attractive although am not sure about their values, but national emblems are better to be featured on our currency” he adds.
Alieu Sanneh, a dealer in building materials argues that all that the Gambia needs are banknotes of a better quality that could last a long time without being crumpled.
He says the old dalasi denominations were nothing to write home about, their battered state, causing regular frictions in trading and transactions because businesspersons and their patrons would not accept them.
“I like the new notes especially their colourful features but my only worry is their economic impact, worth against other currencies especially the CFA franc and their impact on business” he indicates.
Hailing the new dalasi banknotes, health practitioner Ismaila Jobe shares Sanneh’s reservations regarding their economic value and durability.
He implores the authorities at the central bank to conduct sensitization campaigns to educate Gambians on how to handle the local currency and prolong their durability.
However, he warns that printing new banknotes always comes with cost to the state.
For Mariam Barry, a foreign exchange bureau agent, the new banknotes are colorful but may be prone to counterfeit compared to the old notes.
Meanwhile, other Gambians are suggesting resorting to electronic banking transactions to protect the currency from early spoilage.
DB/as/APA