Like an avalanche in suddenness and overwhelming quantity, the announcement by the Central Bank of Nigeria (CBN) last week on redesigning some naira notes stirred panic, controversy and heated debate by Nigerians from all walks of life. The CBN Governor Godwin Emefiele made the initiative known at a press conference, stressing that the new designed naira notes will be issued effective from mid-December this year. According to him, the new notes include 200, 500 and 1000 naira.
He advised Nigerians to take old notes to banks to enable them to withdraw the new banknotes once circulation begins. The apex bank’s governor gave a number of reasons for the redesigning of the notes. One of them is the persisting concerns with the management of the current series of banknotes, and currency in circulation — particularly those outside the banking system in Nigeria.
Despite divergent views that have trailed this decision by the CBN as well as the sentiment expressed by the Minister of…
Source: Leadership Newspaper