Redesigned Banknotes

Naira Policy: Why state governors constitute 6-member committee to engage CBN –NGF

*The state governors state they support the objectives of Central Bank of Nigeria’s Naira redesign policy, but the CBN should consider the ‘peculiarities’ of households and states regarding financial inclusion and underserved communities across the country

Isola Moses | ConsumerConnect

In a move to address certain burning issues in the country’s monetary management and financial system, the Nigeria Governors’ Forum (NGF) has set up a six-member committee to engage the Central Bank of Nigeria (CBN).

The NGF disclosed this development in a communiqué Gov. Aminu Tambuwal of Sokoto State and NGF Chairman, issued Saturday, January 20, 2023, at the end of its virtual meeting held, Thursday night, with Mr. Godwin Emefiele, Governor of CBN.

ConsumerConnect reports the committee is chaired by Governor (Prof.) Charles Soludo of Anambra State, with Governors of Akwa Ibom, Ogun, Borno, Plateau and Jigawa states as members.

The state governors noted though they are not opposed to the objectives of the Bank’s Naira redesign policy, the CBN bank should consider the “peculiarities” of households and states, especially in regard to financial inclusion and underserved locations across the West African country.

The governors stated in the communiqué: “We, the members of the NGF, received a briefing from the Governor of the CBN, 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.”

The NGF also said: “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 pertained to financial inclusion and under-served locations.”

The Nigerian States’ Chief Executives expressed their resolve to work closely with the CBN leadership to ameliorate areas that required policy variation, particularly the poorest households, the vulnerable in society and several other Nigerian consumers so excluded.

The governors further resolved to collaborate with the Bankers’ Bank and Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of the laws.

They, however, noted that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate in the country.

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