Naira Redesign Buhari’s Best Legacy- Group

The Conference of Nigerians for Peace and Good Governance (CONPAGG) has commended President Muhammadu Buhari for his recent approval to the Central Bank of Nigeria (CBN), to redesign the Naira.

The group said the decision of the president through the nation’s apex bank to launch new designs and replace high value Naira notes is the president’s best legacy he would bequeath to the country.

It however, charged President Buhari to complement his action by restructuring the security architecture of the country, beginning with the sack and immediate replacement of the National Security Adviser, NSA Babagana Mongonu and the service chiefs as well as other heads of security agencies.

The group the commendation was contained in a statement, Sunday by its National Coordinator, Dr Gbenga Olusegun and Director of Women Empowerment,Dr (Mrs) Zainab Maikanti, the essence of redesigning the Naira would be defeated if the elements manning the the nation’s security sector were left to preside over the security architecture particularly as the 2023 elections draw near.

Recall that CBN governor, while announcing the Naira redesign plan, had explained that the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

Emefiele had said the planned policy was in line with Section 19, Subsections (a) and (b) of the CBN Act 2007, upon which the management of the CBN sought and got Buhari’s approval to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.

The Conference of Nigerians for Peace and Good Governance, while reacting to the development,said Buhari Naira redesign policy was one of the legacies he would leave for the country, noting that the development was also one of the president ways of reforming the country’s electoral process.

The group said:”We strongly commend President Muhammadu Buhari, the President and Commander-In Chief of the Armed Forces of the Federal Republic of Nigeria, for giving approval for the redesigning of the Naira notes before the general election in 2023. This is one of the best steps the president has taken since his administration.

“This landmark step will no doubt help to reduce inflation, currency counterfeiting and excess cash in the hand of desperate and criminal politicians who had stockpiled cash to rig the 2023 general election.

“The new policy will anchor inflation expectations, strengthen public confidence in the Naira reverse tendency for currency substitution, deepen the forex market and ensure more effective liquidity management and monetary policy in the country.

“It’s therefore clear that this policy will help in birthing a better Nigeria before President Muhammad leaves office.”

The group added that:”However, we wish to raise a serious major red flag which is the issue of insecurity and terrorism in the country. If this is not addressed within days, the entire intent and purpose of the Naira redesign would have been defeated; particularly as it affects the 2023 general election.”

According to the Conference of Nigerians for Peace and Good Governance,” Economic policy cannot work without a stable security of lives and property.”

“A deliberate approach must be put in place to ensure blockage of illicit financial flows(FFs) as well monitoring the use of financial systems to funds terrorism and banditry and this can only be done with effective and committed persons as the heads of the intelligence community, law enforcement agencies and the armed forces.

“The president must therefore,compliment the new economic policy with the immediate sack of the National Security Adviser, NSA Babagana Mongonu and all the service chiefs as well as heads of other security agencies.

“The total overhaul of the security and economic policy will lay a solid foundation to usher in a new and stable Nigeria before the president bows out of office within the next seven months,”it insisted.

The group explained that,”Our position as statemen is premised on the facts that foreign investors and even donors depend so much on indexes like the global terrorism index and economic parameters that include a comprehensive evaluation of security of country, and as it stands today our security rating is zero and it’s getting worse.”

“It is therefore, our submission as Nigeria”s critical stakeholders that Mr President listens to many Nigerians who are not only calling for the sack of the National Security Adviser and all the service chiefs but also replacing them with more competent and committed personnel,”it added.