CBN Says Currency Redesign Will Benefit All

The Central Bank of Nigeria (CBN) has said advantages of the currency redesign are enormous and would benefit the economy in the long run.

The  Director, Corporate Communications Department in the bank, Osita Nwanisobi stated this during the CBN Special Day at the ongoing 44th Kaduna International Trade Fair, on Saturday in Kaduna.

Represented by Mohammed Abbah, Director, Capacity Development in the bank, Nwanisobi said, “Indeed, there have been reports of occasional transaction failures, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels.

“We, therefore, urge Nigerians to embrace alternative payment channels, such as eNaira and internet banking as we embrace the cashless policy,” he said.

Nwanisobi said the policy was not targeted at anyone or any group of persons rather aimed at strengthening Nigeria’s macroeconomic fundamentals and better our socio-economic conditions.

He said the aim of the currency redesign is to make the country’s monetary policy more efficacious which resulted to relatively stable exchange rate.

The Director said the policy also aimed at combating banditry and ransom-taking while increasing financial inclusion by reducing the number of the unbanked population in the country.