The Central Bank of Nigeria (C.B.N) announced on October 26 2022, to redesign the naira note. This update from CBN had an uproar among citizens, some are of the opinion that it will have a distrautrous impact on the Nigeria economy. However, I'll discuss the positive impact of the redesigning on the Nigeria economy:

According to Emefiele, statistics had shown that over 80% of the currency in circulation were outside commercial banks’ vaults, which in turn is fuelling illicit financial flow within the economy. He also stated that the worsening shortage of clean and fit banknotes, with its attendant negative perception of the CBN, had increased the risk to financial stability.

However, will this resolve the current inflation the country is facing?
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