Insecurity: ‘Redesigning of Naira will put end to ransom taking, others’

Ethnic youth leaders and political parties on Friday lauded the Governor of Central Bank of Nigeria, Godwin Emefiele, over the resolve of the apex bank to redesign new Naira notes which will begin circulation from December 15, 2022.

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

• NIGERIA DAILY: How CBN’s Naira Redesign Will Affect Nigeria’s Economy
• The politics of redesigning the Naira

According to them, the development would help put a stop to money laundering, vote buying, ransom taking and counterfeiting, adding that the apex bank’s act has dealt a final blow to money launderers “as this will inconvenience criminals that deal with cash.”

Reading a prepared text to newsmen at the event, Meliga said: “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.”