Naira Design: Emefiele Named Man of the Year as Stakeholders Praise CBN Chief


  • Godwin Emefiele’s work has received a major recommendation from a group of economic promoters in Kaduna State
  • It was then that proponents of Arewa economic advancement praised the CBN Governor for taking a bold step to redesign the national currency
  • The group, “Area – P”, had named CBN Governor Godwin Emefiele as the Man of the Year because he supported the Senate’s position on overhauling the naira.

The Arewa Economic Advancement Advocates (Zone – P), a group of strategic communicators and academics who have been involved in policy advocacy and economic empowerment programs in Northern Nigeria , threw its weight behind the policy of overhauling the national currency by the Central Bank of Nigeria (CBN).

Addressing a press conference at Kaduna on Sunday, November 20, the group’s organizer, Nasir Dambatta, shared CBN’s concerns over the urgent need to take action to manage cash and the flow of proceeds of crime into the country and also feels compelled to highlight the essence of Naira overhaul policy in general.

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The Arewa Economic Advancement Promoters (Zone - P), Naira Recast, Godwin Emefiele, Central Bank of Nigeria
Emefiele has won a prestigious award as stakeholders praise the CBN chief for the naira overhaul. Photo credit: Central Bank of Nigeria
Source: Facebook

Group backs naira overhaul policy and awards CBN Governor Godwin Emefiele as Man of the Year

The group said it was unacceptable for Nigeria to allow 80% of its badly needed cash outside of commercial banks, as this has so far had adverse effects on the national economy, Legit.ng reported.

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The CBN, he said, should be allowed to follow this process to the point of regaining full control of the money supply.

Damatta said:

“It is necessary, at least given our worrying inflation, which reached 20.7% in September 2022, according to the media.”

He noted that CBN Governor Godwin Emefiele admitted that as of September 2022, the Nigerian banking system had 3.23 trillion naira in circulation. Of this amount, 2.73 trillion naira now lies outside the coffers of commercial banks or hidden by some citizens in raw forms.

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He added:

“Our independent investigation has confirmed that the CBN primarily wants to mop up these 3.32 trillion naira in the system, to allow the apex bank to regain control of the money supply, and begin to see how such a strategy will help curb inflation.

“We also wish to draw the attention of Nigerians to the fact that the CBN has acted within its monetary policy powers, on this Naira recasting policy. The CBN management has relied on Article 2 (b), Section 18 (a), and Section 19 (a) (b) of the CBN Act 2007; had duly requested and obtained the approval of President Muhammadu Buhari to proceed with the release and circulation of new series of N200, N500 and N1,000 banknotes.

The group supported the position of the Senate

The group also shared the Senate’s position as captured by the Chairman of the Banking, Insurance and Other Financial Institutions Committee, Senator Uba Sani (Kaduna Central) that the CBN action will tackle counterfeiting due to the prolonged use of the same banknotes, the use of cash outside the banks will bode well for the economy as the monetary policy decision-making will be easier and fewer notes, especially outside the banking system, will curb terrorist financing.

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He added:

“We agree with Uba Sani that less money available outside the banking system will reduce corrupt practices spawned by cash exchanges.”

The group also noted that the committee has been mandated by the Senate to deploy “aggressive” oversight of the overhaul process is very good for Nigeria, saying it is a laudable step.

The group said:

“We would also like to commend President Muhammadu Buhari, his Chief Economic Advisor and Central Bank Governor, Dr Godwin Emefiele, the leadership of the Senate Banking and Finance Committee and other relevant stakeholders for this well thought-out policy, without prejudice to those who oppose the policy for political reasons or out of ignorance of the difference between monetary policy and fiscal policy.

“We also hereby announce our willingness to voluntarily join with stakeholders to redouble our efforts to maintain the pace of informing the public on the Naira overhaul and related matters.

“As a group, we hereby declare CBN Governor Godwin Emefiele our Man of the Year for the Trillion Naira Agricultural Support Funds and Empowering Small and Medium Business Owners in our region. and even in Nigeria.Furthermore, he has successfully advocated for Nigeria to emerge from recession twice.

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He said it was heartening to many astute observers that the current CBN management has done its best to fund support for agriculture, small and medium enterprises (SMEs) in northern Nigeria more than ever before. in the economic history of the region.

Naira Overhaul: Five Things Every Nigerian Should Know About CBN’s New Naira Notes Before They Circulate

The Central Bank of Nigeria continued its efforts to prepare Nigerians for the circulation of the new Naira banknotes.

The new Naira notes are expected to be made available to the public from Thursday, December 15, 2022.

Punch reports that the president Muhammadu Buhari gave his full support to this decision and wishes Nigerians to abide by it.

The naira starts the week with a massive fall against the dollar

Meanwhile, the Nigerian CBN is having another headache as Naira has lost a huge chunk of its recovered value to the black market last week.

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Legit.ng revealed that many Nigerians who went to the black market for currency were surprised at the sudden change as Naira traded against the dollar above N750.

Experts reacted to the current state of the market while talking about the impact on Nigerians and businesses.

Source: Legit.ng

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