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Contrary to the views expressed by some financial experts that the Central Bank of Nigeria (CBN)’s naira redesign policy will strengthen the currency, it has turned out to weaken it against the dollar.
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Meanwhile President Muhammadu Buhari has asked the CBN to re-circulate old N200 notes till April 10 to enable Nigerians heave a sigh of relief. He said this during his broadcast on Thursday morning, noting that he was concerned about the impact of the monetary policy. He said those in possession of old N500 and N1000 notes could return them to the CBN by April 10.
Nigeria is moving toward a full-fledged cashless society with the Central Bank of Nigeria’s introduction of the cash swap policy.
The current cash shortage will likely lead to a drop in Nigeria’s gross domestic product (GDP) growth in the first quarter of 2023, according to analysts.
