The Central Bank of Nigeria (CBN) has made plans to give the Nigerian currency, the Naira, a new look by redesigning it.
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| Naira Notes |
The higher denominations of the Naira will be redesigned to ensure there is control of the total money in circulation, thereby lowering the incidents of “kidnapping and terrorism” in the country.
According to the CBN Governor, Godwin 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.”
However, the country’s Minister of Finance, Zainab Ahmed, has kicked against the policy, saying it will have “serious consequences on the value of the Naira to other foreign currencies”.
She said, “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.”
