CBN Redesigning 4 Naira Denominations
Naira had a down side and fell multiple times at both the black and official markets. 48 hours after the CBN governor announced the rebranding of Naira notes, there has been a huge down side.
The Central Bank of Nigeria has announced its plan to redesign 4 Naira notes. This announcement was made known by the Governor of CBN, Mr Godwin Emefiele, he made the announcement on Wednesday in Abuja at a news briefing.
According to reports the CBN governor added that the Naira notes would be released by December 15, 2022, and he added that the existing ones would no longer be used and will be seized to be regarded as legal tender by January 31, 2023.
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He also stated that the major problem here is that 85 percent of the current currency in circulation is being hoarded by Nigerians.
He implored Nigerians to proceed to their banks to deposit their Naira notes, and he also added that the deposit fee would be waived for transactions below, N150,000.
The CBN governor also added that the redesign of Naira notes would also help to reduce the spread of counterfeit notes, and also reduce ransom payments to fraudsters and kidnappers.
It was also noted that the decision to redesign the Naira is obviously to empower some certain in, consultant or contractors who are in dire need of benefiting from the current administration, according to report a lot of folks have the opinion that the initial idea should be rejected because it had no interest of the nation and it will add no value to the current economic challenges.