New naira notes will reduce inflation in Nigeria: Economist
Suleiman Lawal, a lecturer at the Economics Department, Umaru Musa Yar’adua University, Katsina (UMYU), says the new naira notes to be introduced mid-December by President Muhammadu Buhari’s regime will help to bring down Nigeria’s worsening inflation rate.
Mr Lawal stated this on Monday.
Mr Buhari on Wednesday unveiled the new notes of N200, N500 and N1,000.
The Central Bank of Nigeria said the old notes would continue to be used until January 31.
According to the economic expert, the high circulation of money, to some extent, contributed to the hyperinflation in Nigeria.
Mr Lawal said the currency redesign was one of the measures to control the amount of money circulation.
Other measures that would assist in enhancing the economy, he said, include increasing the interest rate for savings to encourage people to keep money in banks.
Mr Lawal said the CBN could also increase charges for loans to discourage people from securing unnecessary loans.
He also commended the Buhari regime for printing the new naira notes in the country and strengthening its security features to make counterfeiting difficult.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
CIoD ‌seeks stronger board leadership amid AI, economic shifts
Mr Nolas-Alausa said the new economy presented both opportunities and responsibilities.
Heading 1
Tinubu extends 2025 budget implementation to December
The extension gives ministries, departments and agencies (MDAs) additional time to complete ongoing capital projects.
Economy
Dangote to deliver $16 billion East Africa refinery in 40 months
According to Mr Dangote, the Kenyan refinery would be one of the fastest major projects undertaken by the group.
Anti-Corruption
Police nab two Indians, seven others over alleged N6.2 billion internet fraud
The AIG said the NPF-NCCC was also engaging international partners as part of the ongoing investigation.
Heading 4
Independence Celebration: Abia, Imo stakeholders differ on Tinubu’s performance
Mr Ubani said the stabilisation of the naira had allowed access to forex based on market forces.
Heading 3
Tinubu to address Nigerians on Independence Day
Mr Tinubu returned from a three-week vacation to Europe on Tuesday.
