After the Central Bank of Nigeria changed its stance on the redesign of the naira, the amount of currency in circulation in the nation increased by N701.4 trillion in a single month to N1.6 trillion in March 2023.
According to the CBN’s naira redesign policy, the amount of money in circulation in the nation decreased by 235.03 percent, from N3.29 trillion at the end of October 2022 to N982.09 billion at the end of February.
According to data acquired from the CBN, N2.3tn was removed from circulation during the time period under consideration.
According to the report, the CBN’s execution of the redesign project will be graded on a scale from horribly unprepared to poorly perceived.
