Naira Cash Crises: its effect on the informal sub-sector of the haulage business of Nigeria.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, on October 26, 2022, announced that new Naira notes would be introduced to replace the current 200, 500, and 1,000 Naira notes. The four reasons the CBN gave are listed below: To eliminate or reduce currency fraud to the bearest minimum. People who have hidden money they have stolen, for instance, would either find a way to change it by taking the money out or would not need it given the change in the value of the Naira. The currency change also aims to deal a fatal blow to the growing kidnapping and ransom industry. The change in the notes is also said to aid in lowering the rate of inflation. The change in the Naira notes is also intended to control the amount of money in circulation. The initiative itself is very laudable and noble but the implementation as shown once again the flaws that typically undermine the effectiveness of public policies. The cash crunch and the attendant economic and soc