Naira Redesign To Affect SMEs, Poor Households – W’Bank
The World Bank has cautioned that the newly redesigned naira notes may have a negative impact on economic activity in the country, especially on poor Nigerians and small-scale businesses.
The global bank disclosed this in a new report titled, “Nigeria Development Update.”
It followed the mixed emotions that have heralded the newly redesigned notes which went into circulation last week.
The Washington-based bank warned that the timing and short transition period for the new notes may not help Nigeria achieve the desired result.
Recall that the Central Bank of Nigeria, CBN, last month unveiled new M200, N500, and N1000 notes as part of a policy to mop up excess cash in circulation, ransom payment for kidnapping, terrorism financing, counterfeiting, among others. The apex ...
