{"id":5148,"date":"2022-11-17T22:26:25","date_gmt":"2022-11-17T21:26:25","guid":{"rendered":"https:\/\/ebirareporters.com\/?p=5148"},"modified":"2022-11-23T15:36:47","modified_gmt":"2022-11-23T14:36:47","slug":"economic-implications-of-the-introduction-of-the-new-naira-notes-in-nigeria","status":"publish","type":"post","link":"https:\/\/ebirareporters.com\/economic-implications-of-the-introduction-of-the-new-naira-notes-in-nigeria\/","title":{"rendered":"Economic Implications of the Introduction of the New Naira Notes in Nigeria\u00a0"},"content":{"rendered":"

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The Central Bank of Nigeria<\/a> (CBN) governor, Godwin Emefiele has issued a statement concerning the institution’s policy to introduce redesigned naira notes by the 15th of December 2022. This he said is as a result of continuous rise in the inability of banks to control the circulation of Nigeria\u2019s naira notes, which poses as incompetence on the side of the banking sector as well as causative factor to why the naira keeps decreasing in value. Mr. Emeliefe mentioned that, amongst the many other reasons behind this new policy, the mass hoarding of banknotes by members of the public and an increasing shortage of banknotes that are standard and clean, which has heightened the ease in the production of counterfeit currencies in the country are notable reasons for this development. Although this new policy has been revolted by some top personalities in the country including the Minister of Finance, Budget and National Planning, Zainab Ahmed, saying that she and the ministry is not aware of any plan by the CBN to redesign new naira notes and also complained that it is ill-timed, however the President has given his support for the plan. This move by the CBN has been viewed by many to be political, while the institution and others are seeing it from an economical point of view. But the CBN has said that the redesign only applies to denotations like the 200, 500 and 1000 naira note respectively. The banknotes (old ones) in circulation now are expected to be submitted to the banks on or before the 31th of January, 2023 as after this date, it will be treated as expired currency.<\/p>\n

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Political Implications of Redesigning the Naira Notes.<\/p>\n