Naira redesign: IMF calls for caution


the International Monetary Fund (IMF) has asked the Central Bank of Nigeria (CBN) Be cautious in your attempt to redesign the naira to curb inflation.

East was revealed Friday by the IMF’s resident representative in Nigeria, Ari Aisen, during an interview with Bloomberg.

Remember that the CBN said that it was redesigning the naira notes to curb excess currency circulation and inflation, among other things. Data from the main bank shows that N2.73 trillion of the N3.23 trillion currency in circulation is outside the vaults of commercial banks across the country.

CBN beware: Ari Aisen advised CBN to be cautious to avoid any missteps that could undermine confidence in the financial system.

  • They also noted that the IMF has contacted the CBN for assistance. According to, “We stand ready to provide any assistance as needed.”

Why new naira notes: CBN Governor Godwin Emefiele previously stated that the proposed redesign of some naira notes would improve the value of the currency and control inflation. He said:

The news continues after this announcement.

  • “As of September 2022, we had N3.23 trillion naira in circulation; of that, N2.73 trillion is outside the bank vaults.
  • “So first of all we want to get back all of the N3.23 trillion in the CBN so we can take back control of the money supply and see how this help control inflation. We certainly believe it has a positive impact on inflation.”

Impact on the naira: In the meantime, the naira suffered a historic drop to N775/$ two days after the Central Bank of Nigeria (CBN) announced that it was redesigning the 200, 500 and 1000 naira notes.

  • nigerian finance minister revealed that was not consulted before the central bank’s new policy of changing N200, N500 and N1,000 notes was announced.
  • The central bank’s governor, Godwin Emfiele, replied that it only required the president’s approval.


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