Naira Notes redesign: Transparency group backs CBN Gov
*CBN governor, Godwin Emefiele
(Nigeria) An International Transparency group,
Council of Economic Experts and Transparency Initiatives, CEETI, has thrown
its weight behind the Federal Government decision through the
Central Bank of Nigeria,
CBN, to redesign of N1, 000, N500, and N200 notes,
describing calls by sponsored groups for the sack of the CBN governor,
Godwin Emefiele as ridiculous and shameful.
According to CEETI, “Alliance
Network Against Corruption, ANAC, and other protesting groups against the naira
notes redesign policy have the right to express doubts over the new CBN policy,
however, they should be ashamed that in the last few weeks since the policy
unveiled, trillions of naira have been exposed to have been unearthed where
they were stored by wicked politicians, who pay these protesters to protest and are
calling for the sack of the CBN governor.”
Coordinator of CEETI, Dr. Joseph Akponede,
said: “We are working to see a Nigeria where citizens will be informed and
empowered, governments are open, responsive, and collective actions will
advance the public good. We are shocked that groups such as ANAC and others would
be protesting against the CBN policies, including the redesigning of the naira notes
at a time when politicians have amass insane wealth and collectively stored
trillions of naira in their homes, storage facilities, and in other ridiculous
places to perpetuate their inordinate ambition of causing insecurity and
manipulating the nation’s political journey for their selfish interest.
“While we read the shameful calls for the
sack of Godwin Emefiele and the plan for protest march in Abuja, and the
fictitious and unreasonable allegation of failed economic policies, financial
mismanagement, and covert embezzlement, we want to warn those protesters that
are paid by these corrupt politicians to have a rethink and reject attempts by
these shady dubious politicians to continue to have their ways.
“Our organisation and other well-meaning Nigerians have our rights to
protect the sanctity of the nation’s economic policies, and may counter these
protests if the security agencies do not call these sponsored goons to order.”
The group also called on President
Muhammadu Buhari to shun the shameful calls for the sack of Emefiele,
describing the desperate attempts to derail the new CBN policy as “corruption
fighting back.
“How can they explain those naira notes seen on various social media
channels as destroyed, mutilated and spoilt naira notes brought out by these
corrupt politicians instead of monies to be used for the good of all Nigerians.
“We want to agree with CBN that it is
taking the needed steps to make moderate and incremental progress in promoting
the value of the naira, deepen financial inclusion and discourage illegal
hoarding of the naira by individuals. More than N2.73 trillion out of the N3.23
trillion currency in circulation is outside the banking sector. That is
unacceptable. With the new development, the Central Bank aims
to take control of money supply by mopping up all cash from the economy, both
within the vaults of banks and in the hands of citizens.
“In the eyes of many, the Central Bank seems
to have demonstrated enough professionalism in defending the naira and by
extension, savaging the Nigerian economy, especially, through its recent policy
to redesign higher denominations of the naira, a move that has been widely
commended by economic and financial experts globally.
“Implications of the decision have become a front burner in economic
policy discourse in Nigeria. The decision was prompted by the persistent
large-scale hoarding of the naira which has resulted in a worrisome situation
where over 80 percent of the currency in circulation is outside the banking
system.
“Other concerns that motivated the decision
include the high cost of currency management, increasing the risk of naira
counterfeiting, and long periods of denominations’ existence without redesign,
among others. The plan is expected to yield numerous benefits, including
the adoption of electronic channels of transactions, reduction in currency
management costs, and discourage counterfeiting and other criminal activities.”
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