A group under the aegis of Ohanaeze Youth Movement has commended the Governor of Central Bank of Nigeria, CBN Godwin Emefiele for finalizing arrangements for the new Naira notes which will begin circulation from December 15, 2022.
The group, in a statement by its Information Director Nzube Ugochukwu said the decision of CBN to redesign the Naira has put currency launderers, and counterfeiters on the run.
Ugochukwu also said this will help reduce vote buying during the 2023 general elections.
He lamented that despite the fact that it is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money, criminals have been doing so in large volumes due to development in photographic technology and advancements in printing devices.
The statement reads, “The CBN is responsible for the issuance of the Naira and kobo (Sections 17, 18 and 19). It is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes. However this law is not heeded to by many criminals who launder money or produce counterfeits”.
The CBN Governor, Mr. Godwin Emefiele, had 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 the Director of Information the exercise would affect the highest denominations: 200, 500, 1,000 notes. “We support this move by the apex bank because money laundering companies, who inject counterfeit currency into the financial system and those planning to buy votes in 2023 will now be on the run while kidnappers and ransom takers have been thrown out of business.