New Naira Notes: EFCC Hails CBN, Moves To Clampdown On Currency Hoarders

The Economic and Financial Crimes Commission (EFCC) has applauded the move by the Central Bank of Nigeria, CBN, to redesign and reissue higher denominations of the Nigerian Currency, the Naira.

Newsonline reports that the financial commission said the introduction of the new naira notes for N200, N500 and N1000 will help in its cracking of currency hoarders.

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Speaking at a press briefing on October 26, 2022, the CBN Governor, Godwin Emefiele announced that the apex bank had obtained approval of President Muhammadu Buhari to resign and issue new N200, N500 and N1000 notes that shall come into circulation by the 15th of December, 2022.

Responding to the development, the Executive Chairman of the EFCC, Abdulrasheed Bawa described the move by the apex bank as “a well-considered and timely response” to the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives.

“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment.

“It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria”, he said.

Sowore Condemns New Naira Notes

The presidential candidate African Action Congress (AAC)  or the 2023 Presidential candidate, Omoyele Sowore has however condemned the reason by the Central Bank of Nigeria (CBN) for introducing the new naira notes.

Sowore said the defense put up by the CBN governor, Godwin Emefiele that the new naira notes will affect the activities of kidnappers is ridiculous.

The AAC presidential candidate said, “As it is customary with criminal policy making, the Central Bank of Nigeria Governor, Godwin Emefiele had already put in place those to defend his latest fraud: The redesign of Naira notes. The most ridiculous defense of all is that it will affect kidnappers!”

Sowore argued that kidnappers and terrorist organizations including Boko-Haram collect ransomes from victims’ families in Euros and US dollars.

He added that Nigerian politicians who also hoard illegally made money also keep such illegal wealth in foreign currencies.

“When Boko Haram wanted to release the first batch of kidnapped Chibok girls they specifically requested for Euros and were paid in Euros. They also claimed some well-placed Nigerians have stacked Naira at home, truth is that most well-placed Nigerians spend foreign currencies,” Sowore added.

Redesign of Naira Notes Is  A Good Idea

A former presidential aide to ex-president Goodluck Jonathan, Reno Omokri has applauded the CBN governor, Emefiele for the bank’s plan to redesign the country’s currency.

Stating that the plan to redesign N200, N500 and N1000 notes by CBN will help in curbing currency hoarding.

Reno added that the move will also render billions of corrupt elements who have stockpiles of naira in hidden places other than banks.

“The redesign of the Naira is a good idea. Kidnappers, bandits and corrupt elements have stockpiles of Naira that they can’t bank. This change will render their billions useless. The pound and dollar have been redesigned multiple times. On this, Emefiele did well!” Reno said.

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