President Muhammadu Buhari (r), Presenting Redesigned Naira Notes with Mr. Godwin Emefiele, Governor of CBN, Wednesday at the State House, Abuja, FCT

Insecurity: Youths applaud new Naira notes, say policy will end money laundering, counterfeiting, ransom taking, others

*Certain Nigerian youth leaders have commended the Central Bank of Nigeria’s Naira redesign project, stating the action will help to stop money laundering, vote buying, ransom taking and currency counterfeiting in the West African country

Isola Moses | ConsumerConnect

Ethnic youth leaders and political parties have commended Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) on the resolve of the country’s Bankers’ Bank to redesign, produce and issue new Naira notes into circulation.

President Muhammadu Buhari unveiled and presented the new Naira denominations to the public Wednesday, November 23, 2022, in Abuja, FCT.

The affected newly-redesigned banknotes are N200, N500 and N1,000 denominations respectively.

New banknotes 

Comrade Meliga Godwin and Barr. Kenneth Udeze, National Chairman of Action Alliance, the groups’ conveners, while addressing a recent joint press conference in Abuja, FCT, noted that the CBN decision on Naira redesign was a welcome development.

The youth leaders said that the development would end money laundering, vote buying, ransom taking and counterfeiting.

According to them, the CBN’s action has dealt a final blow to money launderers.

The youth leaders further said: “This will inconvenience criminals that deal with cash.”

In his address at the briefing, Comrade Godwin had stated: “The CBN Governor, Mr. Godwin Emefiele, announced at a press briefing in Abuja, that arrangements for the new Naira notes, which would begin circulation… had been finalised.

“The exercise would affect the highest denominations: N200, N500, N1,000 notes.”

He stated: “We support this move by the apex bank because lately counterfeiting of currency has become a common phenomenon, money has become a standardised 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.”

The youth leader further noted: “This policy will also put more money in the vaults of the banks, which they can use to finance the formal sector for the benefit of the economy.

“It has also improved chances of free and fair elections as vote buyers have been taken out of the equation while security will be greatly improved.”

Godwin as well said in his address: “In general, the benefits of this policy far outweigh the cost of printing the new notes.”

He added: “We urge the buy-in of all Nigerians and call for support for the CBN Governor.”

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