Godwin Emefiele claimed the new banknotes could potentially enhance the effectiveness of the country’s monetary policy. NairaDepreciation ExchangeRate
delivered at the new naira banknotes unveiling ceremony, Emefiele claimed that the new banknotes could potentially enhance the effectiveness of the country’s monetary policy.
Besides helping return the older banknotes into circulation, the CBN governor insisted the redesigned naira banknotes are likely to bolster the bank’s financial inclusion cause. Emefiele explained: We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.
According to Emefiele, once the exercise to phase out the older 100, 200, 500, and 1,000 naira banknotes has been completed, the CBN’s job of tracking and identifying suspicious movements of funds will become easier. At the moment this has not been possible because 84.71% of the naira banknotes “in circulation are outside commercial banks’ vaults.
According to the CBN, the phasing out of the current banknotes is not only long overdue but is “a global best practice for central banks” that must be repeated every 5 to 8 years. However, after the CBN announced its plan to replace the old naira banknotes with the redesigned ones, the currency’s parallel market exchange rate versus the U.S. dollar depreciated rapidly.by Bitcoin.com News, the naira’s plunge was caused by the abrupt surge in the demand for U.S.
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