Gains Of Redesigning Naira Notes

The challenges include: significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; and increasing ease and risk of counterfeiting evidenced by several security reports.

In its November newsletter, the research firm however said in the ideal, the policy is not expected to have fundamental implications for the value of the currency, as it is only a matter of change in features and aesthetics. Nigeria is a country characterized by a high level of knowledge and policy information asymmetry, as well as widespread policy pessimism.

For the Economic and Financial Crimes Commission , the decision is apt and commendable. chairman of the EFCC, Abdulrasheed Bawa described the move by the apex bank as “a well-considered and timely response” to the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives.

Apart from that, Onalo agrees with those who said the country does not even need more than 20 percent of the current cash in circulation for the economy to achieve the much-advertised cashless society. As if that was enough, Mrs Ahmed told the lawmakers that her ministry was not consulted by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise, suggesting a lack of synergy or cooperation between the fiscal and monetary authorities.

They can be able to embezzle more money

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