On October 26, 2022, the Governor of the CBN, Godwin Emefiele, announced the introduction of new Naira notes to replace the present 200, 500, and 1,000 Naira notes.
Have you ever wondered the reason why the CBN redesigned the Naira Notes? Well look far no more, we have the reasons here.
Emefiele stated that the makeover will go into force on Thursday, December 15, 2022.
He also stated that current notes will cease to be a legal currency on January 31, 2023.
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However, the CBN opted to redesigned the naira notes for four reasons:
1. The Naira note was modified to address the issue of persons who rely only on currency fraud for a living. People who had concealed stolen money, for example, would either find a means to alter it by getting the money out or would no longer need it due to the shift in the value of the Naira.
2. The currency shift also intends to kill the burgeoning abduction and ransom industry.
3. The note change is also said to help lower the rate of inflation.
4. The new Naira notes are also intended to limit the amount of money in circulation.