Reactions have continued to trail the Central Bank of Nigeria, CBN decision to redesign some naira notes, remove the old ones and also to control the currency in circulation.
Speaking on the development, some residents of Ibadan in an interview with Radio Nigeria attributed their not depositing money in the bank to challenges of financial transactions and trading in cryptocurrency.
According to them, staying long in the queue was time-wasting besides the issue of customer relations, while they also see the emergence of crypto-currency as an avenue to avoid using the banks.
A financial expert, Mr Michael Abegunde described the decision of the Central Bank of Nigeria, CBN, to redesign some naira notes as a step in the right direction.
Mr Michael Abegunde pointed out that redesigning and issuing new 200, 500 and 1000 naira notes would help call money back as people had stockpiled them for political ends, noting that the mop up of excess money in circulation in the economy would also force down the inflation rate.
He, however, said that the move could weaken the value of the naira against the US dollar in the short term while attempting to convert the naira to the dollar might make a demand on the dollar high.
Mr Abegunde advised Nigerians to deposit their money in the banks before the January 31, 2023 deadline by the Central Bank.
CBN Governor, Mr Godwin Emefiele recently said Nigeria had not redesigned its currency in the last twenty years.
Olukemi Akintunde
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