Naira Redesign Will Have Negative Effect On Poor Nigerians, Economic Activity- World Bank Cautions CBN

World Bank has cautioned the newly redesigned naira which went into circulation last week may have negative effect on economic activity especially poor Nigerians due to its timing and short transition period.

The Washington-based bank revealed this in a new report titled, “Nigeria Development Update.”

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This came amid the mixed reactions that have been trailing the newly redesigned notes.

The Central Bank of Nigeria had last month unveiled new N,1000, N500 and N200 notes as part of measures to mop up excess cash in circulation, ransom payment for kidnapping, terrorism financing, counterfeiting, among others.

The World Bank, in its report, however, said the new policy would negatively affect small businesses especially those who day-to-day cash transactions.

The report read in part: