The operation of Nigerian Breweries was negatively impacted by the Naira redesign policy of the Central Bank of Nigeria (CBN) in the first quarter (Q1) of 2023.
Ripples Nigeria had reported that the Naira redesign policy, led by Godwin Emefiele, the CBN governor, was implemented on February 10, 2023, to reduce currency in circulation.
The implementation led to the CBN phasing out the old N200, N500 and N1,000 notes. They were replaced with newly redesigned banknotes, however, the apex bank printed insufficient currencies, resulting in Naira scarcity.
