{"id":75469,"date":"2022-11-01T10:05:54","date_gmt":"2022-11-01T09:05:54","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes"},"modified":"2022-11-01T11:44:38","modified_gmt":"2022-11-01T10:44:38","slug":"knocks-kudos-trail-cbns-planned-redesign-of-naira-notes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes","title":{"rendered":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank of Nigeria (CBN).<\/p>\n<p>DAILY POST reported that the CBN, on October 26, made known its decision to redesign the N200, N500 and N1000 notes by December 15, 2022.<\/p>\n<p>The apex bank added that the existing notes will no longer be regarded as legal tender by January 31, 2023.<\/p>\n<p>Justifying the development, CBN Governor, Dr Godwin Emefiele, lamented that 85 per cent of the currency in circulation is being hoarded by Nigerians.<\/p>\n<p>Emefiele added that the redesigning of Naira notes would help to curb counterfeit, as well as hamper ramson payment to terrorists and kidnappers.<\/p>\n<p>CBN\u2019s announcement has generated polarised reactions even within the government itself.<\/p>\n<p>Minister of Finance, Budget and Planning, Zainab Ahmed became a known critic of the planned policy following her comment at the Nigeria Senate that she was not consulted.<\/p>\n<p>Although President Buhari Muhammadu seems to have saved the situation when he stated that he backed the CBN on its move to redesign naira notes.<\/p>\n<p>However, speaking with DAILY POST on Monday, some financial experts described the Naira notes redesign idea as wasteful, without economic value, while others justified the move.<\/p>\n<p>A Financial Inclusion\/Wealth Management expert, Mr Idakolo Gbolade, said the decision will not positively lift the ailing Nigerian economy.<\/p>\n<p>He explained that the pronoucement has further devalued the Naira against Dollar.<\/p>\n<p>\u201cThe reasons given for redesigning the Naira notes regarding efforts to trace ransom payments or curbing counterfeiting may be germaine but it\u2019s attendant cost could further increase inflationary pressures on the economy. This decision will not positively lift the economy.<\/p>\n<p>\u201cPresently the pronouncement has further devalued the Naira with its exchange rate going for N815\/$ in the black market.<\/p>\n<p>\u201cThe sudden change could be politically correct but economically damaging due to the short period of implementation which could cause upheavals in the financial system.<\/p>\n<p>\u201cThis sudden rise is the exchange rate of Naira to US Dollars is largely due to massive request to exchange the Naira notes to dollars which has further increased the scarcity of dollars and put more pressure on the Naira thereby reducing our foreign reserves.<\/p>\n<p>\u201cThe continous devaluation of the Naira will further hurt the economy and increase the cost of production and cost of living\u201d, he stated.<\/p>\n<p>On his part, the Chief Executive Officer (CEO), Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf disclosed that the exercise has no monetary policy significance.<\/p>\n<p>Muda added that the country can survive without such intervention rather CBN should devote its attention to solving the issue with liquidity in the foreign exchange market, Naira depreciation and soaring inflation.<\/p>\n<p>In his words, \u201cCurrency as a percentage of money supply is less than seven percent. The exercise therefore has no monetary policy significance.<\/p>\n<p>\u201cBesides it will come with huge logistics costs, and avoidable dislocations to small businesses, most of whom are in the informal sector.<\/p>\n<p>\u201cThis is one intervention we can do without. There are more urgent issues demanding the attention of the CBN. We have issues with liquidity in the foreign exchange market, the depreciating currency the recent Moody\u2019s downgrade of nigeria, soaring inflation and many more.<\/p>\n<p>\u201cThe CBN should save the citizens and the economy the trauma of this currency redesign. It is a distraction we can do without.\u201d<\/p>\n<p>Meanwhile, Professor of Management and Accounting, Lead City University, Ibadan, Godwin Oyedokun, said the move could help distort flow of illicit funds.<\/p>\n<p>\u201cWell, I have reviewed it, I actually do not have problem with it. I don\u2019t have to support it because of the opinion of others, ones it is correct and according to the law, I will support it.<\/p>\n<p>\u201cI believe it is the right thing to be done. Like Buhari said, it is only those that have issue that will not support it. Some people said it will affect exchange rate, I don\u2019t believe in this.<\/p>\n<p>\u201cIt can be used to distort the flow of illicit funds. If you don\u2019t have business in holding dollars, you shouldn\u2019t hold it. A lot of money will be in circulation now but it is temporary. I expect by January, February, another policy should come in, because one should not have any reason in holding cash. The cost of printing Naira is more; everybody will be ok without physical exchange of cash\u201d, he said.<\/p>\n<p>Commercial banks have put forward measures to facilitate an easy cash collection process from depositors before the January deadline.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank of Nigeria (CBN). DAILY POST reported that the CBN, on October 26, made known its decision to redesign the N200, N500 and N1000 notes by December 15, 2022. The apex bank added that the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":75468,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29,28],"tags":[1570,2140,503,1623,254],"class_list":["post-75469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-naira","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Knocks, kudos trail CBN\u2019s planned redesign of Naira notes - Nigeria<\/title>\n<meta name=\"description\" content=\"Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes\" \/>\n<meta property=\"og:description\" content=\"Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-01T09:05:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-01T10:44:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1187\" \/>\n\t<meta property=\"og:image:height\" content=\"725\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes\",\"datePublished\":\"2022-11-01T09:05:54+00:00\",\"dateModified\":\"2022-11-01T10:44:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\"},\"wordCount\":771,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\",\"name\":\"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg\",\"datePublished\":\"2022-11-01T09:05:54+00:00\",\"dateModified\":\"2022-11-01T10:44:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg\",\"width\":1187,\"height\":725,\"caption\":\"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes - Nigeria","description":"Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes","og_locale":"en_US","og_type":"article","og_title":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes","og_description":"Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes","og_site_name":"Nigeria","article_published_time":"2022-11-01T09:05:54+00:00","article_modified_time":"2022-11-01T10:44:38+00:00","og_image":[{"width":1187,"height":725,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes","datePublished":"2022-11-01T09:05:54+00:00","dateModified":"2022-11-01T10:44:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes"},"wordCount":771,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg","keywords":["Africa Press","Africa Press-Nigeria","CBN","naira","Nigeria"],"articleSection":["all news","Economy","head lines","homepage-english"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes","name":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg","datePublished":"2022-11-01T09:05:54+00:00","dateModified":"2022-11-01T10:44:38+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Financial experts and analysts have expressed mixed reactions over the proposed Naira notes redesign by the Central Bank ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/11\/postQueueImg_19.jpg","width":1187,"height":725,"caption":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/knocks-kudos-trail-cbns-planned-redesign-of-naira-notes#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Knocks, kudos trail CBN\u2019s planned redesign of Naira notes"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/75469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=75469"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/75469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/75468"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=75469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=75469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=75469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}