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We are not opposed to naira redesign – Govs



Customers groan as banks exhaust old, new naira notes

The Nigeria Governors’ Forum (NGF) has stated that it was not against the Central Bank of Nigeria’s (CBN) naira redesign policy.

Aminu Tambuwal, Interim Chairman of NGF and Governor of Sokoto State, in a communique issued on Thursday, said the forum received a briefing from Godwin Emefiele, governor of CBN, on the naira redesign policy, its economic and security implications, The Cable reported.

On October 26, the Governor of the CBN, Gowin Emefiele, announced the plan to redesign the naira to control the money supply and aid security agencies in tackling illicit financial flows.

The CBN governor had said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.

“We, the members of the Nigeria Governors’ Forum (NGF), received a briefing from the governor of the Central Bank of Nigeria, Mr Godwin Ifeanyi Emefiele, on the naira redesign, its economic and security implications including the new withdrawal policy. Governors are not opposed to the objectives of the naira redesign policy,” the communique reads.

“Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society, and several other citizens of our country that are excluded.

“Collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of our laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate. (The Cable)

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