Naira redesign stabilised combats banditry

The Central Bank of Nigeria, CBN, has said that its naira redesign policy led to relative stability in the exchange rate.Information Guide Nigeria

According to the apex bank, the naira redesign policy supported the efforts of security agencies in combating banditry and ransom-taking in the county.

VANGUARD reports that the CBN, stated that some denominations of naira which were approved by President Muhammdu Buhari was for the overall interest of Nigeria and her economy.

This was disclosed by the Acting Director of Corporate Communications, Dr. Abdulmumin Isa at the bank’s special bday at the 34th Enugu International Trade Fair, on Friday.NYSC Portal

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The CBN who was represented by the Assistant Director of Corporate Communications, Mr. Esu Imoh, noted that the policy has started strengthening Nigeria’s macroeconomic fundamentals, moderating inflation, upscaled financial inclusion rate and led to relative stability in the exchange rate.

Meanwhile the President of Enugu Chamber of Commerce, Mines, Industries and Agriculture, ECCIMA, Mr. Jasper Nduagwuike expressed worry over the recent increase in interest rate by the CBN to 18 percent in an aggressive push to contain Nigeria’s inflationary pressure.

According to VANGUARD, Nduagwuike said: “The high interest rate regime will likely have adverse effect on the accessibility of bank credit by businesses.JAMB Result

“While we commend the CBN for its measure to rebuilding stronger business confidence and ensuring stability in the economy, particularly in the financial/banking sector, we advice the CBN to utilize the period of grace for full implementation of the naira redesign and cashless policy as directed by the supreme court of Nigeria”.

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