The Central Bank of Nigeria (CBN) has been lauded over the federal government decision to redesign the naira notes.
Addressing newsmen in Abuja Friday, Ethnic Youth Leaders and political parties said that the move by CBN has dealth a fatal blow to money launders, ransom takers, smugglers and counterfeiters.
Speaking at a press conference in Abuja, the conveners of the group, Comrade Meliga Godwin and Barr. Kenneth Udeze of Action Alliance party, further lauded the Governor of CBN, Godwin Emefiele for finalizing arrangements for the new Naira notes, which will begin circulation from December 15, 2022.
Meliga said that the move is a welcome development as it will help put a stop to vote buying and other vices in the country.
He added that by this act, the apex bank has dealt a final blow on criminals that deal with cash as this move will inconvenience them.
He 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. 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 group further said: “We appreciate and applaud the courage of the Governor of CBN, Mr. Godwin Emefiele. We urge him not to rest on his oars and we declare that by this singular move he has deservedly become the hero of the 2023 general election.
“It is our expectation also that having obtained the approval of the President to implement this very laudable policy, the ruling party makes a commitment not to put pressure on the leadership of the apex bank to alter the deadline as it will go to the root of the integrity of the election and the validity of the results which will emerge from it.”