By Luke Onyekakeyah
The recent announcement by the Central Bank of Nigeria (CBN) on the introduction of newly redesigned N200, N500 and N1, 000 banknotes, has political and economic implications. Like a thunderbolt, the move has jolted many people, particularly, politicians who promote money politics. Those who have amassed naira and dollar waiting for the forthcoming elections are biting their fingers.
The move is a masterstroke against corrupt politicians, who have hoarded huge sums of money for vote buying during the 2023 general elections. By redesigning the naira and releasing it barely a month to the elections, the CBN may have played the trump card to frustrate all the permutations by politicians who banked on the hoarded naira. That way, the CBN may have contributed to the country having a more credible election in 2023.
