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21
January
2023

Naira Redesign Policy: Governors set up committee to interface with CBN

THE thirty- six State Governors under the aegis of Nigeria Governors’ Forum, NGF has constituted saddled with the responsibility of interfacing with the Central Bank of Nigeria, CBN on the Naira redesign and  withdrawal policy put in place by  the apex bank.

The Committee which is chaired by former Governor of CBN and the Anambra State Governor, Professor Charles Soludo has Governors Udom Emmanuel of  Akwa Ibom; Dapo Abiodun of Ogun; Babagana Zulum of Borno; Simon Lalong of Plateau and Badaru Abubakar of Jigawa States as members.

In a Communique issued on Saturday at the end of its virtual meeting held with the CBN Governor, Godwin Emefiele on Thursday night, Chairman of NGF and Sokoto State Governor, Aminu Tambuwal said that the State Governors urged the CBN to consider the peculiarities of States especially as they pertain to financial inclusion and under-served locations.

The Governors have also observed that there are huge challenges that remain problematic to the Nigerian people. 

The governors said that while they were not opposed to the objectives of the Naira redesign policy, the apex bank should consider the peculiarities of households and states, especially pertaining to financial inclusion and under-served locations.

Recall that CBN had in November last year  announced to Nigerians that naira notes of N1,000, N500 and N200 denomination would be re designed into new colours with attendant withdrawal of old notes from circulation from December 15, 2022 to January 31, 2023 when they will no longer become legal tender.

The Communique read, “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. 

“However, we observe that there are huge challenges that remain problematic to the Nigerian populace. In the circumstances, Governors expressed the need for the CBN to consider the peculiarities of States especially as they pertain to financial inclusion and under-served locations and resolved to: 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.

“Finally set up a 6-member Committee to be Chaired by the Governor of Anambra State, Professor Charles Soludo and the Governors of the following States: Akwa Ibom, Ogun, Borno, Plateau and Jigawa as members, to engage the CBN in addressing anomalies in the country’s monetary management and financial system.”

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