There are indications that the objectives of redesigning the naira notes might have failed after all.
Prior to the unveiling of the new naira notes namely N1,000, N500, and N200, there had been speculations that the project was meant to turn the country’s economy into a cashless one, reduce the money in circulation, tackle counterfeiting and eventually reduce the nation’s inflation rate.
However, this has proven to be partly a failure, as the country’s consumer price index (CPI), which measures inflation or the rate of change in prices of goods and services, increased to 21.91 percent in February 2023, up from 21.82 percent in the previous month.
The inflation rate data is contained the latest CPI report released on Wednesday by the National Bureau of Statistics (NBS).
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