A lecturer at Economics Department, Umaru Musa Yar’adua University, Katsina (UMYU), Mr Suleiman Lawal, has said that the Naira notes redesign policy would assist to curb inflation in the country.
Lawal said on Sunday in Katsina said that some economists claimed that the money in circulation was high, that necessitated the measure by the CBN.
President Muhammadu Buhari, unveiled the new Naira notes of N200, N500 and N1,000, on Nov. 23.
The Central Bank of Nigeria (CBN), said that the old notes would continue to be used until Jan. 31, 2023.
According to Lawal, that high circulation of money to some extent, contributes to the hyper-inflation in the country.
Lawal pointed out that the currency redesign was one of the measures to control the money circulation.
Other measures that would assist to enhance the economy, he noted included, increasing interest rate for savings to encourage people to keep monies in banks.
He said that the CBN could also increase charges for loan in order to discourage people from securing unnecessary loans.
Lawal also commended the Federal Government for printing the new Naira notes in the country, and for fixing security on them to make counterfeit difficult.
