‘Redesigning Of Naira Will Put An End To Ransom Taking, Others,’ Says Group

Political parties and ethnic youth leaders praised the Central Bank of Nigeria’s governor, Godwin Emefiele, on Friday for the organization’s determination to redesign new Naira notes that will go into circulation on December 15, 2022.

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

They added that the apex bank’s act has dealt a final blow to money launderers by inconveniencing criminals who deal in cash, and that the development would help put an end to vote buying, ransom taking, counterfeiting, and money laundering.

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 on December 15, 2022, have been finalised.”

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 standardised trade unit and is 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 the 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. “