International Monetary Fund Urges Caution On CBN's Plan To Replace Naira

The International Monetary Fund has advised Nigeria to be careful in its plan to redesign and replace the naira. <br />The Central Bank of Nigeria says the move will help the bank fight money laundering and insecurity. <br />The governor of the bank, Godwin Emefiele, says the plan would allow the bank to mop up N2.73 trillion out of the N3.23 trillion currency in circulation that is outside the vaults of commercial banks. <br />A former deputy governor of the CBN, Kingsley Moghalu, says the duration allowed by the bank is short and could create huge operational pressure on banks and some traders may prematurely reject the existing currency notes once the new ones come into circulation.