According to AGUSTO & Co, the cash shortage brought on by the Central Bank of Nigeria’s currency redesign program would lower rural residents’ standard of living.
“Worse still, living conditions might deteriorate further, especially for many rural residents, since a lack of access to cash could restrict access to essential services like healthcare, fuelling public unrest even more.”
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When Nigeria’s top bank revealed its intention to redesign the three higher value notes of the naira (N200, N500, and N1,000) on October 25, 2022, this was only one of the numerous concerns that seemed to cry for solutions.”
It was highlighted that it was impossible to imagine a situation where the CBN could not foresee the difficulties that had preceded this transition time given the expert agreement that a 90-day window was simply insufficient to finish the project.
The Supreme Court, however, decreed on Friday that the existing and new naira notes should be permitted to circulate together until December 31, 2023. This is the latest step in the naira redesign strategy.