Agency Report
By Sani Idris
A Aroup, Concerned Northern Forum, has kicked against the redesigning of new N200, N500 and N1000 notes, calling for it's immediate suspension, saying that it would be detrimental to the nation's economy.
The Spokesperson of the forum, Cmrd. Abdulsalam Kazeem, made the call in a statement issued to pressmen on Wednesday in Kaduna.
The News Agency of Nigeria (NAN), reports that the Central Bank of Nigeria (CBN), had held a press conference earlier , saying that they have redesigned the N200, N500 and N1000 naira notes, which would be effective on December 15.
Kazeem said the current exchange rate of Naira to dollar or pounds had made the naira lost almost all its value, while calling for serious economic policies that would strengthen the naira against dollar and pounds.
According to him, redesigning the said denomination of the naira notes would inflict more against the value of the naira.
He added that Nigeria's economy as a nation was down and the naira has depreciated to the minimal value, noting that redesigning the said currency would only cost the nation huge sums of money at the expense of tax payers.
"This is coming at a period when we are borrowing to fund significant parts of our annual budget and another significant parts of the borrowing goes to debt servicesing and yet the only solution the apex bank could offer is to redesign our currency,"he said.
Kazeem asked wether the new design of the naira notes would make Nigeria's currency to gain value at the exchange rate market or add value to the standard of living of the citizenry.
"This are some questions begging for immediate answers, If no satisfactory answers are provided, the apex bank should immediately stop the process of the new design or else it will be resisted by us in collaboration with other concern civil society organisations from within and outside our region," he said.
He alleged that the decision to redesign the naira was to empower some certain individuals, consultant or contractors who according to him were desperate to make something before the end of the current administration.
"this idea should be rejected by all and sundry, it is not in the interest of the nation and it will add no value to the current multiple economic challenges the nation is facing,"Kazeem said.
"Failure to meet our demands to suspend redesigning of the naira notes will lead us to massive protest across Northern region and federal capital Territory.
"Those behind the idea should also be checked and questioned, while the CBN Governor should be sacked,"Kazeem said.(NAN)(www.nannews.ng)
EFCC boss hails CBN’s move to clampdown on currency hoarders
The Economic and Financial Crimes Commission (EFCC) has applauded the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Nigerian currency, the Naira.
The CBN Governor, Godwin Emefiele, on Wednesday announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue new N200, N500 and N1000 notes.
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According to Emefiele, the new notes will come into circulation by Dec. 15, 2022 while the old notes will no longer be accepted after Jan. 31, 2023.
The EFCC Chairman, Mr Abdulrasheed Bawa hailed the move as “a well-considered and timely response” to the challenges of currency management in the country.
Bawa said in a statement issued by Mr Wilson Uwujaren, EFCC’s spokesperson on Wednesday in Abuja, that the challenges of currency management has negatively impacted the country’s monetary policy and security imperatives.
“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment.
“It is heartwarming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria”, he said.
Bawa called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.
He warned that the EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise.
The EFCC chairman also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering proceeds of crimes through their system.
Bawa pointed out that the objectives of the CBN’s currency redesign and reissuance were in tandem with the provision of the Money Laundering Prevention Prohibition Act 2022.
The Act criminalises the conduct of cash transactions above a certain threshold.
Section 2 (1) of the Act states that, “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding N5,000,000 or its equivalent in the case of an individual or N10,000,000 or its equivalent, in the case of a body corporate.”
He expressed optimism that the new currency measure would encourage more Nigerians to embrace banking culture and acceptance of cashless transactions.
Bawa recalled that the EFCC recently took operational action against currency hoarders in major commercial cities of Nigeria.
“It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.”
He noted that currency hoarders readily made their hoard available to criminal enterprise.
Bawa, therefore, said that the commission would spare no effort in bringing to book, any financial services operator who runs foul of extant laws and regulations.
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