Naira Redesign Was Done In The Interest Of Nigerians – CBN Declares

The Central Bank of Nigeria (CBN) on Friday said the naira redesign policy was a step in the right direction taken in the interest of Nigerians.

The CBN’s Acting Director of Corporate Communications, Dr. Abdulmumin Isa made the disclosure at the bank’s special day at the 34th Enugu International Trade Fair.

According to him, the naira redesign policy led to relative stability in the exchange rate and supported the efforts of security agencies in combating banditry and ransom-taking in the county.

Represented by the Assistant Director of Corporate Communications, Mr. Esu Imoh, the CBN Director noted that the redesign is in line with international best practices.

On the growing usage of online banking facilities by Nigerians, the CBN assured that the Nigeria payment system infrastructure is robust enough to handle the pressure.

On his part, 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.

“The high interest rate regime will likely have adverse effect on the accessibility of bank credit by businesses.

“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,” Nduagwuike advised.