The Effect of the Naira Redesign Policy on Rural Dwellers in Nigeria


It is quite difficult to spread knowledge in rural areas since so many people lack access to power, radio, and television. To prevent cutting off the rural population from the upcoming policy changes, the CBN must find a mechanism to inform them about the new policy and how to modify the old notes. Government authorities, religious leaders, and community leaders from these locations need to be enlisted to assist in informing the local populations about the progress in their own languages. Further helpful sources are the National Orientation Agency, the media, and the Ministry of Information.

Unbanked rural dwellers provide a dilemma. The majority of rural dwellers lack banking accounts and are thus not eligible for financial services. According to CBN, the old notes must be deposited into an account in order to access the new ones. Their cash-driven company operations would be disrupted by this.

The CBN must convince Deposit Money Banks and Microfinance Banks to build branches or agency banking operations in these remote regions in order to establish their presence.

The homes of notable community leaders and market areas may include agency banking facilities where their financial needs may be met. In order to learn how to utilize USSD, Mobile Banking, and POS for their payment, deposit, and transfer services, community leaders should enlist the help of experts. People are able to open accounts in community agency banks. The deposit and withdrawal limits for tier one and tier two accounts should be increased as a result of this policy, and for tier three accounts, a reference letter from the community leaders should be considered in lieu of a utility bill.

The CBN should exercise extreme prudence while revamping its naira policy at this period of unrest, banditry, abduction, food shortages, and flood disruptions, which disproportionately affect rural populations. The apex bank must mobilize the necessary support to mitigate the effects of the policy, especially in rural areas and throughout the nation.



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