Legit NG
Financial experts and economists have weighed in on the CBN’s decision to redesign Naira notes
Why some thought the move was brilliant, while others questioned the timing of the CBN decision
The federal government has issued six new CBN requirements ahead of the December 15 deadline
Economic experts in Nigeria have shared their opinions on the Central Bank of Nigeria’s (CBN) move to redesign four of the eight currency notes in circulation
According to Emefiele, the move was to address currency hoarding by the members of the public, reduce counterfeiting, make available more clean notes and stop currency mutilation.
Expert speaks on new Naira notes
Since the CBN’sannouncement, Nigerians and leading economists have shared divergent views on the new naira notes, the Punch reports.
Speaking on the CBN’s decision Prof. Umhe Uwaleke, University of Keffi, believe the decision will be positive for the economy in the medium to long term.
According to Uwaleke, the measure would go a long way to ensure that the naira in circulation outside the banking system was brought into the banking system.
However, a financial expert, and past President of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said redesigning the naira was not the most important problem facing the economy.
This view was also shared by Bismarck Rewane’s Financial Derivatives Company which said that due to the timing of the project, at a festive period coupled with the approaching general elections, GDP or output could be affected…
