Naira Notes Redesign: Transparency group backs CBN Gov.-Emefiele, fault protest against CBN Policies

An International Transparency group, Council of Economic Experts and Transparency Initiatives (CEETI) has thrown its weight behind the Federal Government approved policy initiated by the Central Bank of Nigeria (CBN) to redesign of N1, 000, N500, and N200 notes, describing the calls by sponsored groups for the sack of the Central Bank Governor, Godwin Emefiele as ridiculous and shameful.

According to CEETI, the 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 within 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.

The 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 and disgusted 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 the CBN Governor, Godwin 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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