The proposed new currency notes by the Central Bank of Nigeria will help put a stop to money laundering, vote buying, ransom taking and counterfeiting, a coalition of political parties and Ethnic Youth Leaders have assured Nigerians.
Conveners of the groups made this assurance at a press conference in Abuja on Friday.
The organisations dismissed fears by Nigerians about the proposed redesign of the Naira currency notes by the CBN, which are expected to be in circulation on December 15, 2022.
Rather, conveners of the coalition, Meliga Godwin and the national chairman of Action Alliance, AA, Barr. Kenneth Udeze respectively described the proposed redesign of the Naira currency notes as a welcome development.
According to them, the CBN has handed a final blow to money launderers and vote buyers.
A jointly signed statement by the coalition reads partly, “The CBN Governor, 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 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 statement said.
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