Perhaps, the main reason the Nigeria government is redesigning some denominations of the country’s naira notes is to mop up the money outside the control of the CBN.
In a press conference addressed by the Central Bank of Nigeria, CBN, governor, Mr. Godwin Emefiele, he said 2.7 trillion out of 3.23 trillion of the total money in circulation is outside the banks’ vault.
He reiterated that one of the core reasons behind the redesigning is to ensure all the currencies outside the bank vaults return, and the CBN regains control of money in circulation.
With Nigeria in the election season, the sudden CBN policy of redesigning of certain currencies is expected to create some shock in the system, and affect politicians who have amassed huge financial war chests to prosecute the 2023 election, as all old currencies are expected back to the vault by 31 January, 2023. Watch the video below..