As reactions continue to trail the decision of the Central Bank of Nigeria CBNto redesign the Naira, Ethnic Youth Leaders and Political parties have lauded the CBN Governor, Godwin Emefiele for finalizing arrangements for the redesigning of the notes which will begin circulation from December 15, 2022.
The groups, in a joint press conference by its Conveners , Comrade Meliga Godwin and Barr. Kenneth Udeze, Action Alliance party Chairman noted that the decision of CBN to redesign the Naira is a welcome development as it will 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 according to him, this will inconvenience criminals that deal with cash.
”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.
“Acording to him, the exercise would affect the highest denominations such as N200, N500 and N1000 notes respectively.
“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 with 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 improve. In general, the benefits of this policy far outweighs the cost of printing the new notes and we urge the buy in of all Nigerians and call for support for the CBN Governor”, the groups added.
