Benefits Of Naira Notes Redesign Outweigh Cost Of Printing– Group
By Adedayo Said
A coalition of political parties and Ethnic Youth Leaders on Friday assured Nigerians that the latest initiative by the Central Bank of Nigeria (CBN) to redesign highest denominations Naira notes will do more good than harm to the economy.
The conveners of the coalition, Meliga Godwin and the national chairman of Action Alliance, AA, Barr. Kenneth Udeze disclosed this at a press conference in Abuja, urged Nigerians to support the CBN policy as the benefits of this policy outweighs the cost of printing the new notes
A jointly signed statement by the coalition reads partly, “The CBN Governor, 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. According to him, 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.”
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