Wednesday, February 8, 2023

New naira notes will reduce inflation in Nigeria: Economist

Mr Buhari on Wednesday unveiled the new notes of N200, N500 and N1,000.

• November 28, 2022
New Naira notes
New Naira notes

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)

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