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.”
“F* the City”: Landlord Bribes Baltimore Official $25K to Wipe $147K in Bills
Secret bathroom handshakes and coded text messages led to a federal prison sentence after a local landlord bribed a Baltimore official $25K to wipe away massive utility debts....
