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World Bank Lambast Emefiele, FG over Re-Designed Naira Notes, CBN Withdrawal Limit

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Poor People, SMEs To Suffer Due to ’s Newly Redesigned Naira – Warns FG

The World Bank has stated that the newly redesigned naira notes that were issued by the Central Bank of Nigeria will have a negative impact on the standard of living of low-income Nigerians.

The world bank has issued a warning that the redesigned naira will also have a negative effect on small and medium-sized enterprises (SMEs) as well as the economy of the country.

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Read Also: Again, Emefiele Neglect House of Rep Summons over Withdrawal Limit says “I am not available to brief you”

The international financial institution stated in a new report titled “Nigeria Development Update” that the redesign of the Naira could have a negative effect on small and medium-sized enterprises (SMEs) and poor Nigerians due to the timing of the redesign and the short transition period.

It was read in part;

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Although it is common practice for countries around the world to redesign their currencies on a periodic basis, and the Nigerian naira may be overdue for a redesign given that it has been twenty years since the currency’s notes were last updated, the timing of this demonetization and the relatively short transition period may have a negative impact on economic activity, particularly for the poorest households.

Also Read: Breaking: Court makes Crucial Decision on DSS Move to Arrest CBN Governor, Emefiele

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World Bank further stated…

“Experience from other countries suggests that rapid demonetizations can generate significant short-term costs.

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Small-scale businesses, as well as poor and vulnerable households, may be particularly affected as a result of their limited access to liquidity and their heavy reliance on day-to-day cash transactions.

“Currently, households and businesses are already facing elevated financial pressures as a result of prolonged, high inflation.

See Also: World Bank pour Encomium on Jonathan, Lambast Buhari says “Nigeria was a Rising Star Until Buhari Took Over and slowed down development”

These pressures have been recently compounded by external food and fuel price shocks, as well as the severe floods.

Phasing out existing naira notes over a short time period may add to their difficulties.”

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