How change of naira notes could depreciate the exchange rate

The latest decision by the Central Bank of Nigeria to change the N200, N500, and N1000 notes could negatively affect the exchange rate. 

Recall that the apex bank Governor, Godwin Emefiele, announced on Wednesday, October 26th that they had obtained approval from President Buhari to change the naira notes.

According to the CBN Governor, the move is aimed at curbing counterfeiting…

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