Naira redesign scarcity will bring benefit soon

By Bello Idris

The new Naira Redesign Scarcity Will Bring Benefit Soon initiative is aimed at reducing the huge deficit cost which has been a hindrance to Nigeria’s dream. Digital payments, vote buying, and cash withdrawal are some of the activities that will be greatly impacted by the introduction of new currency notes.

The recent Naira redesign scarcity has created tension in the Nigerian financial sector. The apex bank, Central Bank of Nigeria, has announced that commercial banks have not been able to supply enough currency notes to meet the demands of major sales outlets. The federal government is also trying to limit the old notes being circulated and replace them with new #200, #500 and #1000 currency notes. This scarcity of paper money is causing tension among Nigerians as they worry about not having enough currency for their daily needs. However, it is expected that soon this shortage would bring benefit as it will help in curbing inflation and controlling illegal activities related to money laundering which are common among the population due to lack of strict regulations from Federal government and commercial banks.

The CBN has set a deadline to replace all old currency notes with redesigned currency. This redesign will help in reducing the circulation of large cash withdrawals and encouraging digital payments as well as daily transactions. This is expected to benefit many Nigerians who are currently dealing with poor circulation of money in the market due to scarcity. The new redesigned currency, which will come in denominations up to #200 to #1000 is going to be beneficial for the biggest economy in Africa and will increase its strength against other currencies. It is expected that this new initiative from Central Bank of Nigeria would also help reduce illegal activities related to money laundering which has been a major issue among many Nigerians recently

The new Naira Redesign Scarcity Will Bring Benefit Soon initiative is aimed at reducing the huge deficit cost which has been a hindrance to Nigeria’s dream. Digital payments, vote buying, and cash withdrawal are some of the activities that will be greatly impacted by the introduction of new currency notes. Chijioke Ekechukwu, CEO of Dignity Finance said that this initiative would help reduce the amount of money circulation in the country and would bring great benefit to citizens. He also mentioned that with the introduction of select currency notes such as #200, #500 and #1000., it would be more difficult for criminals to withdraw large amounts in cash. The Apex Bank has taken measures to ensure proper management and control over these new currency notes so that they can be used for making digital payments only. Such measures have been put in place by them in order to reduce money laundering and other illegal activities related to money transactions.

The CBN Governor, Mr. Godwin Emefiele, said that the redesigned currency notes will fit into the modern society and bring economic stability to Nigeria. He also said that these new naira notes will have improved security features in order to minimize counterfeiting and other fraudulent activities. The is a Public Policy Analyst. president of Nigeria, Muhammadu Buhari, has also expressed his support for the redesigned currency in order to ensure financial stability for small depositors as well as reduce attendant negative perceptions about Nigerian economy. The new naira notes are expected to be printed and circulated by the Central Bank of Nigeria soon despite some current shortage due to extra cautionary measures taken by them in order to ensure their quality and security features. It is believed that this redesigning of naira will help reduce money laundering activities as well as counterfeiting which would eventually benefit everyone in the long run.

Nigeria’s President Muhammadu Buhari in a “new naira note” speech to the nation on February 16, 2023, approved the re-introduction of the N200 notes into circulation alongside the new #200, #500, and #1000 notes.“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old #200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new #200, #500, and #1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old #200 notes cease to be legal tender.”

In conclusion, the new naira redesign will bring benefit in the long and strength our monetary policy. so the people should be calm .

Wife of Kebbi Governor, Dr Zainab Bagudu has called for improved funding of education in the country to boost national development.

Bagudu spoke at an interactive session with Journalists in Abuja on her eight-year stewardship from 2015 to date.

She said: ”There is really a need for more money for education. It should be accorded the topmost priority.

”Every sector needs more funding, but education needs it more. It is the mother of all sectors. Education effects all sectors.”

The wife of the Kebbi Governor further specifically spoke of the need to educate the girl-child and empower the Nigerian woman.

She added, ”when you educate the girl-child, you educate the society and the girl-child is therefore very crucial in the society.

”So, if we educate the girlchild, we will have a better society. Education is surely very