The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause.
Forcing Currency Hoarders to Return to the Banking System
According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes are expected to force currency dealers to return “hoarded currency [back] into the banking system.” In a speech delivered at the new naira banknotes unveiling ceremony, Emefiele claimed that the new banknotes could potentially enhance the effectiveness of the country’s monetary policy.
Besides helping return the older banknotes into circulation, the CBN governor insisted the redesigned naira banknotes are likely to bolster the bank’s financial inclusion cause. Emefiele explained:
We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensur
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