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Naira notes redesign’ll control inflation in Nigeria — Don

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Mr 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.

Lawal made the assertion in an interview with our reporter 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.

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.

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.

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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Zubairu Idris

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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