Naira notes redesign will control inflation in Nigeria — Don

News Agency Of Nigeria

November 28, 2022 10:29 AM

Mr Suleiman Lawal, a Lecturer at the Economics Department, Umaru Musa Yar’adua University, Katsina (UMYU), said the Naira notes redesign policy would assist in curbing inflation in the country.

Redesigned naira notes (Guardian)

Lawal made the assertion in an interview with the News Agency of Nigeria (NAN) on Monday in Katsina.

It would be recalled that President Muhammadu Buhari had on Wednesday unveiled the new Naira notes of N200, N500 and N1,000.

The Central Bank of Nigeria (CBN), said that the old notes would continue to be used until Jan. 31, 2023.

Lawal said that some economists claimed that the money in circulation was high, which necessitated the measure by the CBN.

According to him, that high circulation of money to some extent, contributed to the hyperinflation in the country.

Lawal said that the currency redesign was one of the measures to control the amount of money circulation.

Other measures that would assist to enhance the economy, he said, include increasing the interest rate for savings to encourage people to keep money in banks.

Lawal said that the CBN could also increase charges for loans in order to discourage people from securing unnecessary loans.

He also commended the Federal Government for printing the new Naira notes in the country, and for fixing security on them to make counterfeiting difficult.

News Agency Of Nigeria