When the Governor of the Central Bank of Nigeria, Godwin Emefiele, announced in October that new notes would be introduced to replace the current 200, 500, and 1,000 Naira notes, it was greeted with mixed feelings from all corners.
Mr Emefiele made it known that the redesign will take effect from Thursday, December 15, 2022 noting that the existing notes would lose its legal tender status January 31, 2023.
Theliberationnews looks in the four basic reason that rationalized the apex bank’s decision:
1. The change in the Naira notes is also intended to control the amount of money in circulation.
2. The change in the notes is also said to aid in lowering the rate of inflation
3. The currency change also aims to deal a fatal blow to the growing kidnapping and ransom industry.
4. The Naira note was redesigned to address the issue of individuals who have made currency fraud their main source of income. People who have hidden money they have stolen, for instance, would either find a way to change it by taking the money out or would not need it given the change in the value of the Naira.
