Coalition reveals how new naira notes will benefit Nigerians

Nigerians have been informed of the benefit of the new naira notes to be introduced by the Central Bank of Nigeria in December.

A coalition of Ethnic Youth Leaders and Political Parties speaking on Friday dismissed fears about the planned introduction of new currency notes.

The group described the the plan as a new development.

The organisations at a joint press conference by its Conveners, Meliga Godwin and Kenneth Udeze, said that the CBN decision to redesign the Naira “will help put a stop to money laundering, vote buying, ransom taking and counterfeiting.”

According to them, the CBN has dealt a final blow to money launderers.

The text of the joint press conference reads, “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.”