Resist Pressure to Extend New Naira Notes’ Introduction, Political Parties, Ethnic Youth Leaders Urge  Emefiele 

* Say action will tackle money laundering, vote buying, ransom taking

* Want EFCC, ICPC, security agencies to monitor cash deposit in banks

Sunday Aborisade in Abuja

Leaders of various political parties and ethnic youth leaders across the country on Friday, commended the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for his innovative ways of fighting criminality through the redesigning of naira notes.

They have therefore urged the CBN governor to resist any pressure on him to extend the introduction of the new notes which would be in circulation from December 15, 2022.

The youths and political parties’ leaders gave the commendation at a joint press conference they addressed in Abuja by its conveners, Comrade Meliga Godwin and Mr. Kenneth Udeze, the Chairman of the Action Alliance.

They noted that the decision of the CBN to redesign the naira was a welcome development because it would put a stop to money laundering, vote buying, ransom taking and counterfeiting.

Meliga said by the CBN governor’s action, the apex bank has dealt a final blow to money launderers, as this will inconvenience criminals that deal with cash.

He said: “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 has been finalized.

“Emefiele said 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.

“We have followed and monitored the comments of experts on the immense benefits of the policy on the Nigerian economy and we concur with that. 

“However, as leaders of political parties in Nigeria and concerned that there is an impending general election within the next four months, we viewed the policy from the prism of its effect and implications on the election and on that basis we praise the policy on issuance on new banknotes.

“This support for the policy is on the basis that the apex bank insists on not shifting the deadline date of 31st January, 2023. 

“We urge the people of Nigeria to stand with the CBN Governor and demand that the set date becomes sacrosanct. 

“There is nothing like the window is too short. It does not require a month for one to take money to the bank except there is something they are hiding.

“We consider that this policy is the most fatal blow to vote buying and vote buyers in Nigeria and if as we believe is properly implemented, the 2023 general election will be determined by the actual votes of the people”

They thereby called on all Nigerians to contribute their support in whatever way so as to ensure that vote buyers do not use their illegal money to buy the opinions of the people against the policy. 

He stated that they urge the buy in of the media to once again stand with the Nigerian people in supporting this policy so that the date is not extended beyond the already set date.

“With the cleaning of the voter register which INEC has done, the deployment of the BVAS and now with the fatal blow on vote buying, Nigerians can have confidence that the 2023 elections will be free and fair. 

“All the cash which has been stashed in various warehouses will now have to go back to the banks and we urge that the CBN also resist pressure to print large volume of cash. 

“Electronic transfer of money should be encouraged now and we call on all relevant security agencies to be vigilant in identifying politicians who have questions to answer when they return billions which they cannot explain their sources. 

“Whistleblowers should also be on the lookout because many tanks, private vaults and cases where naira had been stashed in the past will be opened soon.

“We appreciate and applaud the courage of the Governor of CBN, Mr. Godwin Emefiele. 

“We urge him not to rest on his oars and we declare that by this singular move, he has deservedly become the hero of the 2023 general election. 

“It is our expectation also that having obtained the approval of the president to implement this very laudable policy, the ruling party makes a commitment not to put pressure on the leadership of the apex bank to alter the deadline, as it will go to the root of the integrity of the election and the validity of the results which will emerge from it,” he added.