Reactions as CBN Governor announces to re-designed naira notes

todayOctober 31, 2022 15

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Reactions have continued to trail the announcement by the Governor of the Central Bank Godwin Emefiele to re-designed naira notes as a measure targeted at controlling currency in circulation as well as curbing counterfeit currency and ransom payment to kidnappers and terrorists.

Throwing more light on the rationale for the new government policy, a Professor of Economics and a member of the Central Bank of Nigeria Monetary Mike Obadiah said the measure was long overdue in order to protect the integrity of a local legal tender.

In his own contribution Professor Uche Uwaleke, President of the Association of Capital Market Academics of Nigeria ACMAN stated that the decision to replace some naira denominations with new ones will be positive for the economy in the medium to long term.

Uwaleke added that the exercise would come with huge logistics costs, and avoidable dislocations to small businesses, most of whom are in the informal sector in the interim, urging the Central Bank to reconsider the December date of the commencement of the exercise.

Urban Radio Correspondent, Emeka Chibuoke said some of the reasons given by the apex bank was that as at the end of September 2022, available data at the CBN indicated that 2.73trillion Naira out of the 3.23trillion Naira currency in circulation was outside the vaults of commercial banks across the country, and supposedly held by members of the public.

Written by: urbanradio042

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President Buhari Backs CBN’s Move to Redesign the Naira Notes.

President Muhammadu Buhari yesterday said he is fully in support of the Central Bank of Nigeria CBN’s move to redesign the naira notes, adding that he is convinced that the nation will gain a lot by doing so. Speaking in a Hausa radio interview Buhari said reasons presented to him by the CBN convinced him that the economy stood to benefit from the reduction in inflation, currency counterfeiting, and the […]

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