• About
  • Advertise
  • Contact
Friday, May 30, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

World Bank Raises Concern Over Economic Effects Of Naira Redesign On Poor, Vulnerable Households

Vital News by Vital News
December 20, 2022
in Economy
0
World Bank Raises Concern Over Economic Effects Of Naira Redesign On Poor, Vulnerable Households
Share on FacebookShare on Twitter

The World Bank has expressed concern over the economic impact of the recent naira redesign on Nigerian households and businesses.

The newly designed N1,000, N500 and N200 notes were unveiled by President Muhammadu Buhari on November 23 as proposed by the Central Bank of Nigeria (CBN).

The issues raised by the World Bank were contained in a 68-page report titled ‘Nigeria Development Update December 2022 – Nigeria’s Choice (English)’.

According to the financial institution, similar to the global economic environment, Nigeria’s economic performance has weakened since the previous report was published in June 2022 under the title of “The Continuing Urgency of Business Unusual”.

“At present, households and firms already face elevated financial pressures from prolonged, high inflation, recently compounded by external food and fuel price shocks, and the severe floods, and phasing out existing naira notes over a short time period may add to their challenges,” it stated.

RelatedStories

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

The World Bank stated that the timing and short transition period of the Nigerian naira redesign may weigh on economic activity.

“The CBN announced on October 26, 2022, that it planned to redesign, produce, and circulate new series of Nigerian naira (N) 200, 500 and 1,000 notes (equivalent to roughly US$0.5, US$1, and US$2 at the official rate).

“The three notes are the highest denominations out of the eight legal tender notes in Nigeria.

“Following the launch of the new designs on November 23, 2022, the new currency notes are to be circulated from December 15, 2022, with both the new and existing notes considered legal tender until January 31, 2023.

“Thereafter, only the new notes will be legal tender. Bank charges on cash deposits have been suspended to facilitate the transition,” the institution said.

The World Bank acknowledged that periodic currency redesigns are normal internationally and the naira appears to be due for it, since naira notes have not been redesigned for two decades.

But it argued that the timing of and short transition period for the demonetisation may have “negative impacts on economic activity, in particular for the poorest households.”

“International experience suggests that rapid demonetisations can generate significant short-term costs, with small-scale businesses, and poor and vulnerable households, potentially being particularly affected due to being liquidity-constrained and heavily reliant on day-to-day cash transactions,” the global financial body explained.

It noted that economic activity in most major economies had slowed in 2022 amid high inflation and central banks shifting toward “contractionary” monetary policies.

“External financing conditions, particularly for governments and private borrowers in frontier markets such as Nigeria, have tightened, as the US dollar has appreciated sharply against most other currencies to historically strong levels, and global benchmark interest rates have risen.

“Moving into 2023, growth in most regions is expected to weaken further, and uncertainty regarding the outlook remains elevated, partly because of key unknowns such as future developments related to the Russian Federation’s invasion of Ukraine,” the World Bank stated. ( ChannelsTV)

Tags: banknairapoorvulnerable
Previous Post

In Spite Of Challenges, I Will Make Nigeria Better, Stronger – Tinubu

Next Post

Kogi vs EFCC : Agbakoba Heads To Court To Challenge Scope Of Powers Of EFCC

Vital News

Vital News

RelatedStories

Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Economy

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

May 16, 2025
Next Post
Kogi vs EFCC : Agbakoba Heads To  Court To Challenge Scope Of Powers Of EFCC

Kogi vs EFCC : Agbakoba Heads To Court To Challenge Scope Of Powers Of EFCC

RCCG Donates Foods, Clothes, To Less-Privileged Members

RCCG Donates Foods, Clothes, To Less-Privileged Members

RCCG Donates Foods, Clothes, To Less-Privileged Members

Commission Supports Refugees With Relief Materials, Foodstuffs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

29 Generals Retire From Nigerian Army

29 Generals Retire From Nigerian Army

1 year ago

Shun quick rich mania, drugs , NYSC Coordinator charges corps members

3 years ago
2023 :  CHRCR, Stakeholders Decry Attack On INEC Facilities

2023 : CHRCR, Stakeholders Decry Attack On INEC Facilities

2 years ago

NDLEA Declares Lagos Drug Baron, Kazeem Wanted, Seals 7 Mansions Linked To Him

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Emefiele Drags FG To Appeal Court Over Forfeiture Of 753 Units Of Houses In Abuja Estate

NDLEA Arrests Two Pilgrims Heading To Saudi Arabia With Cocaine

Trending

21 Die, 10 Missing In Niger Flood Disaster
Environment

21 Die, 10 Missing In Niger Flood Disaster

by Vital News
May 29, 2025
0

The Niger State Emergency Management Agency (NSEMA) has confirmed the death of 21 persons in massive floods...

Sidi Ould Tah Elected New President Of AfDB

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

May 29, 2025
School Wall Collapses On Students Writing WAEC In Taraba

School Wall Collapses On Students Writing WAEC In Taraba

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 21 Die, 10 Missing In Niger Flood Disaster May 29, 2025
  • Sidi Ould Tah Elected New President Of AfDB May 29, 2025
  • President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC May 29, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In