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

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The IMF has urged Nigeria to apply caution in its plan to replace higher denominations of the naira and avoid any missteps that could undermine confidence in the financial system.

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.

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The IMF is not to be trusted.

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