News

October 28, 2022

Redesigning of Naira: Ethnic youth leaders, political parties back Emefiele

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*Say CBN gov has dealt fatal blow to money laundering, vote buying, ransom takers, others

By Joseph Erunke, ABUJA

ETHNIC Youth leaders and political parties have lauded the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, for finalizing arrangements for the new Naira notes which will begin circulation from December 15, 2022.

The groups, in a joint press conference in Abuja, Friday, by their conveners, Comrade Meliga Godwin and the national chairman of Action Alliance, AA, Barr. Kenneth Udeze, noted that the decision of CBN to redesign the Naira, was a welcome development.

According to the groups, the development would help put a stop to money laundering, vote buying, ransom taking and counterfeiting.

According to Meliga, by this act the apex bank has dealt a final blow to money launderers as this will inconvenience criminals that deal with cash.

A prepared text read to newsmen at the event, read in part: “The CBN Governor, Mr Godwin Emefiele, announced at a press briefing in Abuja, that arrangements for the new Naira notes which will begin circulation from December 15, 2022, has been finalized.
According to him, the exercise would affect the highest denominations: 200, 500, 1000 notes.

“We support this move by the apex bank because lately counterfeiting of currency has become a common phenomenon, money has become a standardized trade unit and abused by criminals.

“The CBN has dealt a final blow to smugglers and money laundering companies, who inject counterfeit currency into the financial system.”

“This policy will also put more money in the vaults of the banks which they can use to finance the formal sector for the benefit of the economy.

“It has also improved chances of a free and fair election as vote buyers have been taken out of the equation while security will be greatly improved. In general, the benefits of this policy far outweigh the cost of printing the new notes and we urge the buy-in of all Nigerians and call for support for the CBN Governor.