Redesigning of Naira notes not problem of Nigerians -Onuesoke

*Sunny Onuesoke

(Nigeria) A Peoples Democratic Party, PDP, chieftain and former gubernatorial aspirant in Delta State, Chief Sunny Onuesoke, has explained that the redesigning of Naira notes was not the problem of Nigerians, considering the current challenges facing the nation’s economy.

Onuesoke pointed out that at a time when the government was grappling with high fiscal deficit, debt crisis, severe revenue crisis and under-funding of many government projects and programmes, it was most inappropriate to embark on such a profligate exercise.

He advised that the main concern of the Central Bank of Nigeria, CBN, should be to improve productivity and increase the value of Naira, instead of wasting huge funds in redesigning and reprinting valueless currency.

Recall that the CBN had recently, announced plans to redesign N100, N200, N500, and N1,000 to take control of the currency in circulation, manage inflation, as well as tackle counterfeiting. It also said the move would help the bank fight money laundering and insecurity.

The management of the apex bank said the plan would allow the bank to mop up N2.73 trillion out of the N3.23 trillion currency in circulation that is outside the vaults of commercial banks.

Onuesoke who spoke to newsmen at Asaba, while reacting to the CBN Governor, Godwin Emiefele pronouncement on the redesign of the Naira notes advised that the apex bank should think of how to fiscally grow the economy and improve the value of Naira against Dollar, stressing that redesigning and printing new Naira notes doesn't make it appreciate in value.

“This is not what our country's need at this time, because majority of the peoples are not eating two square meals per day not talk of three. My advice to our leaders is to take the priority of the citizens into consideration and not re-designing of our currency,” he advised.

The PDP chieftain disclosed that various comments and responses from concerned Nigerians revealed that a large number of the citizenry are worried about the misplacement of priorities of the Apex Bank to make such a decision that comes with possibly huge logistics costs and avoidable dislocations to small businesses, most of whom are in the informal sector.

While decrying CBN reasons for redesigning the Naira notes, Onuesoke noted, “You counterfeit what has value not and what is almost worthless. Kidnappers are demanding dollars and even bitcoins already. They would simply ask for new notes. Same way we were told NIN  linkage with sim cards was to check crime, yet till date nothing has changed.

“With the suffering in the land, those that can afford to stash away bundles of cash are wise enough to stash it in dollars thus the scarcity of dollars for genuine users. When last were  bundles of naira recovered from corrupt officials?   A week after the CBN pronouncement of redesigning of the Naira,  the currency rose to 720 to  840 to the Dollar. This has resulted in hyper inflation. It will rise to N1,000 before December ending. So of what advantage is the redesigning of the notes?” Onuesoke queried.