BREAKING: New #Naira Notes To Be Unveiled Wednesday—The Genius Media Nigeria reports that the newly redesigned Nigerian currency the Naira is due for unveiling on Wednesday.
This online news paper gathered that the new Naira notes will be brought to the Federal Executive Council where the Central Bank Governor Mr. Godwin Emefiele, is expected to give details of the new designs.
There have been controversies over the announcement of the redesign of the notes.
While many had applauded the move as timely and best to render useless cash already stacked away by fraudulent Nigerians, others have condemned it as being Ill-timed.
The central bank said it would redesign naira notes to have control of the amount of currency in circulation, and to enable it manage inflation and tackle counterfeiting.
“These challenges primarily include: Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks,” CBN governor Godwin Emefiele had said.
“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.
“Evidently, currency in circulation has more than doubled since 2015; rising from N1.46 trillion in December 2015 to N3.23 trillion in September 2022. This is a worrisome trend that cannot be allowed to continue.”
Responding to concerns about Nigerians in the rural areas especially as the timeframe for submission of the old note is short, the bank said it has made provision for easy exchange.
The bank said it is working with relevant agencies in the financial system in its execution, particularly in ensuring that vulnerable citizens are not at disadvantage.
