naira redesign

The naira redesign refers to the Central Bank of Nigeria’s initiative to introduce new designs for the country’s banknotes, replacing older ones. This process aims to improve currency security, reduce counterfeiting, and promote a stable economy. By issuing new notes with enhanced security features, the central bank also seeks to control inflation and manage currency circulation more effectively. The redesign often involves printing new denominations and withdrawing old notes gradually, encouraging the public and businesses to adopt the new currency while maintaining trust in Nigeria’s monetary system.