In the face of a record inflation rate, the Central Bank of Nigeria, CBN, within the week, announced the redesigning of Naira’s higher denominations in a
The apex bank set January 31st as the deadline to phase out the existing N200, N500, and N1,000 notes out of circulation and replace them with new notes.
It would be recalled that the bank had raised the Cash Reserve Ratio from 22.5% to 32.5% in order to reduce money in circulation and curb inflation. According to Emefiele “the bank is convinced that “the incidents of terrorism and kidnapping would be minimized as access to large volume of money outside the banking system used as source of funds for ransom payment will begin to dry up.
“As a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy, as rolled out at this time, portends serious consequences on the value of Naira to other foreign currencies,” she said. Mr Sabiu also dismissed the argument that the policy will disrupt the hoarding of naira by criminals such as bandits, kidnappers, and terrorists.
“If there is inflation in those countries, automatically, it will cause cost-push inflation in Nigeria,” Dr Gombe said, adding that controlling inflation will only work when there is effective demand.
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