Naira Note: CBN Has Dealt A Fatal Blow To Vote Buyers – Coalition

Ethnic Youth Leaders and political parties have lauded the Governor of the Central Bank of Nigeria, (CBN)Godwin Emefiele for finalising arrangements for the new naira notes which will begin circulation on December 15, 2022.

The groups, in a joint press conference by its conveners, Comrade Meliga Godwin and Barr. Kenneth Udeze, Action Alliance chairman, noted that the decision of CBN to redesign the naira is a welcome development as it will help put a stop to money laundering, vote buying, ransom taking, and counterfeiting.

According to Meliga, by this act, the apex bank has dealt a final blow to money launderers as this will inconvenience criminals that deal with cash.

The statement reads, “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, have been finalized.

According to him, the exercise would affect the highest denominations: 200, 500, and 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 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 improved.

“In general, the benefits of this policy far outweigh the cost of printing the new notes and we urge the buy-in of all Nigerians and call for support for the CBN governor.