Wednesday, February 1, 2023

Naira notes redesign will help control inflation in Nigeria — Don

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Ibrahim Ramalan
Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or, or @McRamalan on Twitter.
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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.

Mr Lawal made the assertion in an interview with the News Agency of Nigeria 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.

Mr 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.

Mr 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.

Mr 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.


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