Here are ways redesigning the naira notes will affect you

THE Central Bank of Nigeria’s (CBN) redesigning of select currency notes of N200, N500 and N1,000 would come at a huge deficit cost to the economy, according to sector experts.

The government is struggling with a huge debt deficit and would likely borrow massively to fund the currency redesigning, which, the experts argued, would deepen inflationary pressure on Nigeria’s currency.

The CBN had on Wednesday October 26 disclosed its plan to redesign the naira, citing concerns of “illicit” funds in circulation, which it said bandits and kidnappers had been exploiting in perpetrating their crimes.

The apex bank will be introducing the redesigned notes into the financial system on December 15, 2022, and has given January 31, 2023 as the expiry date for legal tender of the notes being rested.

The bank’s governor, Godwin Emefiele, told journalists in Abuja at a briefing that the redesign move was informed by, among other reasons, concerns over…