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Naira Redesign-Government ought to Safeguard Nigerians-Prof. Olagoke

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Mixed feelings have continued to trail the announcement by the Governor of the Central Bank of Nigeria(CBN) Mr. Godwin Emefiele that the 200, 500 and 1, 000 Naira notes would be redesigned. A sizable number of Nigerians believe that the action of the apex bank has a hidden motive, considering the fact that the head was once a presidential aspirant of the ruling party. Others however argue that the action would sanitize the monetary system in the country. In this piece, Prof. Olagoke warns of the consequences. Excerpt : To start with, the reasons given by the Governor of the Central Bank of Nigeria for the redesigning of the 200, 500, and 1,000 Naira notes must be assessed and evaluated based on present realities. The word redesign becomes an issue because it would involve changes that may not likely go down well with our ethnic, tribal, and religious persuasions. Since it had the approval of the presidency various considerations must have been put in place to allay the fears o...

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