World Bank Cautions
The World Bank has cautioned that the newly redesigned naira, which went into circulation last week may have adverse effects on the Nigerian economy and most especially on poor Nigerians due to its short transition period.
The Washington-based bank disclosed this in a recent report titled, “Nigeria Development Update.”
The Central Bank of Nigeria had last month unveiled new N,1000, N500, and N200 notes as part of measures to curb excess cash in circulation, ransom payment for kidnapping, terrorism financing, and counterfeiting, among other reasons cited.
The World Bank’s report, however, stated that the new policy would negatively affect small businesses, especially those who rely on day-to-day cash transactions.
A part of the report reads:
“While periodic currency redesigns are normal internationally and the naira does appear to be due for it since the notes have not been redesigned for two decades, the timing and short transition period for this demonetization may have very adverse impacts on economic activity, particularly for the poorest households.”
Setback To Uber: Maryland Lawmakers Didn’t Authorize Driverless Cars
In a major blow to the expansion of autonomous transit on the East Coast, the Maryland General Assembly concluded its session without passing legislation to authorize fully driverless...
