Recently, October 26, 2022 to be précised the Governor of the Central
Bank of Nigeria Godwin Emefiele, announced that new Naira notes will be
introduced to replace old Naira denominations of N200, N500 and N1000. Following this development, the President of Nigeria Mohammadu
Buhari, on November, 23, 2022, launched the new Naira notes of N200, N500 and N1000.
According to the Central Bank of Nigeria (CBN), the currency redesign exercise was done to address the issues and challenges associated with individuals who have made currency fraud their major means of income and source of livelihood. The activities of those nefarious individuals and groups include but not limited to hoarding of the currencies, leading to shortage of clean and fit banknotes and increase in the rate of counterfeiting in the country. Thus the benefits of the new Naira redesign, going by the promises of the CBN, include checking the rate of counterfeiting, strengthening the economy, reducing the expenditure on management, promotion of financial inclusion and enhancement of the CBN’s visibility of the money supply.
The policy which is now at the stage where
citizens are expected to swap their old Naira notes of N200, N500 and N1000 with the new currency is witnessing some hiccups.
While the citizens, the government and CBN, await the promises and expectations
from the policy to materialize, we hear some voices from the field that capture
the real situation that confronts the people. Please click the link below and listen
to our radio session to hear the voice of some of the MSMEs our reporters spoke
to:
This is the link to click https://scoremedia22.mixlr.com/recordings/2014402
Thanks for reading us. Do please visit again and refer others as well. We value your comments and will appreciate if you honour us with your highly revered input, your comments.
Report by Nnabugwu Chizoba
No comments:
Post a Comment