The Central Bank of Nigeria (CBN) has attributed the relative stability in the exchange rate and the successful efforts in combating banditry and ransom-taking to its naira redesign policy.

According to the CBN’s Acting Director of Corporate Communications, Dr. Abdulmumin Isa, the redesign of some denominations of naira was for the overall interest of Nigeria and her economy.

The redesign policy, approved by President Muhammdu Buhari, has aligned with international best practices, strengthened Nigeria’s macroeconomic fundamentals, moderated inflation, upscaled the financial inclusion rate, and led to relative stability in the exchange rate.

Speaking at the 34th Enugu International Trade Fair on Friday, the Assistant Director of Corporate Communications, Mr. Esu Imoh, representing the CBN, noted that the redesign policy has been successful in supporting the efforts of security agencies in combating banditry and ransom-taking in the country.

The CBN equally expressed confidence in the robustness of Nigeria’s payment system infrastructure to handle the growing surge in online transactions, while urging Nigerians to embrace alternative payment channels such as eNaira, USSD, and other internet banking facilities.

However, the recent increase in interest rate by the CBN to 18 percent in an aggressive push to contain Nigeria’s inflationary pressure has raised concerns.

The President of the Enugu Chamber of Commerce, Mines, Industries and Agriculture (ECCIMA), Mr. Jasper Nduagwuike, expressed worry that the high-interest rate regime would have an adverse effect on the accessibility of bank credit by businesses.

While he commended the CBN for its measure to rebuild stronger business confidence and ensure stability in the economy, particularly in the financial/banking sector, Nduagwuike advised the CBN to utilize the period of grace for full implementation of the naira redesign and cashless policy as directed by the supreme court of Nigeria.

“The high-interest rate regime will likely have an adverse effect on the accessibility of bank credit by businesses.

“While we commend the CBN for its measure to rebuilding stronger business confidence and ensuring stability in the economy, particularly in the financial/banking sector, we advice the CBN to utilize the period of grace for full implementation of the naira redesign and cashless policy as directed by the supreme court of Nigeria”. Nduagwuike advised.

YNaija