Macroeconomic implications of the new currency refurbishment and capital formation in Nigeria

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Macroeconomic implications of the new currency refurbishment and capital formation in Nigeria

ABSTRACT

This paper is an effort to investigate the economic implications and justification for the adoption of the policy of currency redesign by the monetary authority in Nigeria. In order to fulfil this objective, this paper reviewed the impacts of similar policy on the Nigerian economy over years by employing a descriptive approach of analysis using percentages, graphs and tables. The results from this study show that such policy is inflationary induced and it causes deviation of actual inflation and money supply from target level as well as results to excessive supply of money, the study also examine the influence of monetary policy on the new currency redesigned with the key objectivity of its effect on small and medium scale enterprises (SMEs) and the proposed benefits it might forged, it effects on the generality of the Nigeria economy in terms of capital accumulation, wealth creation, it has been well observed that government in most developing countries of the world have redesigned their currencies to suit their prevailing economies situations, The findings of the study shows that currency redesigning by the CBN is another means to reduce excess of money supply in circulation and reinforced more monetary policy effectiveness in curbing inflationary pressure and enhanced the exchange rate policy of the CBN and more liquidity. The study recommends more stabilization focus on pegging the exchange rate of dollar to naira, Harmonization of both monetary and fiscal policies effectiveness of government, it will go a long way in ensuring that a lot of naira notes circulating outside the banks are crowded in, by increasing the deposits in the commercial banks, it means the banks will have more money to lend which may reduce interest rates, capital flight and crowd in more investments prospects

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