The Central Bank of Nigeria (CBN) has disclosed that the naira redesign will encourage expanded financial inclusion
Ahmed Umar, the Director, Currency Operations of CBN, said this at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt on Tuesday.
Umar, represented by Amina Halidu-Giwa, the Head, Policy Development Division, Currency Operation Department of the bank, said the redesign would encourage many un-banked people to be included in the financial system.
Umar reeled out some of the gains the naira redesign will fetch such as discouraging excessive carrying of cash and encourage other electronic means of transactions.
He said that when the un-banked were fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.
”Naira redesign will also help in reducing cash management expenditures, give visibility and control and will help the bank to know the volume of money in circulation.
”It will also help in fighting counterfeiting and money laundering,” he said.
The director said that contrary to rumours that the CBN would print other denominations apart from the redesigned N1000, N500 and N200, no other denomination would be printed.