We must redesign naira notes now, Sanusi insists

Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi yesterday said the apex bank would revisit the controversial currency notes redesign to help tackle growing cases of fake currency notes in the country.

Sanusi who spoke when he appeared before the House of Representatives Committee on Banking and Currency also ruled out the likelihood of interest rate coming down.

Rather than banks reducing interest rates, he said such rates would likely climb higher. Interest rate currently stands at between 17 and 25 percent. He equally revealed that Excess Crude Account went down by $7 billion dollars, stressing that the Federal Government was taking money from the account to balance the 2013 budget.
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