Business Maverick: IMF Urges Caution in Nigeria’s Currency Notes Redesign Plan

The International Monetary Fund has reached out to the central bank to get more information on the plan which was announced on Wednesday, Ari Aisen, the lender’s resident representative, said in an emailed response to questions. “We stand ready to provide any assistance as needed,” he said.

The short period “could create huge operational pressure on banks and some traders may prematurely reject the existing currency notes once the new ones come into circulation,” Kingsley Moghalu, former deputy governor of the central bank, said by text message. The regulator is also hoping it will prevent currency hoarding and curtail illegal activity including kidnappings-for-ransom in Africa’s largest economy.The central bank is unlikely to get excess cash out of circulation because those that can afford it have already stopped holding naira due to low confidence in the currency, said Bongo Adi, a professor at Lagos Business School.

Some traders are also worried about the six-week currency replacement window encompassing the Christmas season, when sales peak.

The IMF is not to be trusted.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ghana MPs suspend demand to oust finance minister until after IMF dealA coalition of Ghana's ruling party members of parliament have called off demands that finance minister Ken Ofori-Atta be removed from office until a support package is negotiated with the International Monetary Fund (IMF). So is this the best picture/image of the Finance minister you guys could get for your thumbnail? Very appalling Reuters
Source: ReutersAfrica - 🏆 31. / 53 Read more »

Business Maverick: Hong Kong plans to legalise retail crypto trading to become hubHong Kong is pivoting towards a friendlier regulatory regime for cryptocurrencies with a plan to legalise retail trading, contrasting with the city’s sceptical stance of recent years and the ban in place in mainland China.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Tongaat Hulett enters voluntary business rescue after its restructuring efforts hit a brick wallLenders have told the 130-year-old sugar producer that they are unable to support its restructuring plan or to provide the additional funding required, calling in the debt. Another company driven into the ground.
Source: dailymaverick - 🏆 3. / 84 Read more »