New Naira Notes Will Curb Financial Crimes – Coalition

ABUJA – A coalition of ethnic youth leaders and political parties has said the introduction of new Naira notes by the Central Bank of Nigeria (CBN) will deal a fatal blow to money laundering, vote buying, ransom taking and other financial crimes.9

The coalition, at a press briefing by its conveners Meliga Godwin and Kenneth Udeze, national chairman, Action Alliance Party (AAP), on Friday, noted that the move will benefit the economy of the country immensely.

The CBN governor, Godwin Emefiele, at a press briefing, earlier in the week, had unveiled plans by the apex bank to redesign 200, 500, 1000 denominations of the Naira.

Meliga, who spoke on behalf of the Coalition at the press briefing, hailed Emefiele for the initiative, describing it as a step in the right direction.

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.

According to him the exercise would affect the highest denominations: N200, N500, N1000 notes.

“We support this move by the apex bank because lately counterfeiting 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 greatly improve.

“In general, the benefits of this policy far outweigh the cost of printing the new notes and we urge the buy-in Nigerians and call for support for the CBN Governor.”

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