Northern group calls for suspension of redesigning of naira notes

A group, Concerned Northern Forum, has kicked against redesigning of the N200, N500 and N1000 notes, saying the measure would be detrimental to the nation’s economy.

 

Mr. Abdulsalam Kazeem, the spokesperson of the group, made the call in a statement on Thursday in Kaduna.

 

The Next Edition recalls that the Central Bank of Nigeria (CBN) announced its decision to redesign the currency notes effective Dec. 15.

 

Kazeem maintains that redesigning the Naira denominations will affect the value of the Naira.

 

He said, “The attention of the leadership of Concerned Northern Forum has been called to a press conference organised by the current Central Bank governor in Abuja, where he stated that (the CBN) has redesigned the N200, N500 and N1000 naira notes, effective December 15, 2022.

 

“This to us is nothing but a sign of incompetency. Our economy as a nation is down and our Naira has depreciated to the minimal value and all the leadership of Central Bank of Nigeria could offer us as a solution to the above is to redesign our currency.

 

According to him, the current exchange rate of the Naira to the dollar or pounds, had made the naira to lose its value.

 

Instead of redesigning the notes, he called for serious economic policies that would strengthen the naira against dollar and pounds.

 

The group’s spokesman said Nigeria’s economy was down and the naira had depreciated to the minimal value, hence redesigning the notes would only cost the nation huge sums of money at the expense of tax payers.

 

“This is coming at a period when we are borrowing to fund significant parts of our annual budget and another significant part of the borrowing goes to debt servicing.

 

“Yet the only solution the apex bank could offer is to redesign our currency,” he said.

 

Kazeem wondered if redesigning the notes would make Nigeria’s currency to gain value at the exchange rate market or add value to the standard of living of the citizenry.

 

“These are some questions begging for immediate answers, if no satisfactory answers are provided, the apex bank should immediately stop the process of the new design.

 

“Or else, it will be resisted by us in collaboration with other concerned civil society organisations from within and outside our region,” he said.

 

He alleged that the decision to redesign the naira was to empower individuals, consultants or contractors, who were desperate to make something before the end of the current administration.

 

“This idea should be rejected by all and sundry, it is not in the interest of the nation and it will add no value to the current multiple economic challenges the nation is facing.

 

“Failure to meet our demands to suspend redesigning of the notes will lead us to massive protest across the Northern region and the Federal Capital Territory.

 

“Those behind the idea should also be checked and questioned, while the CBN governor should be sacked,” Kazeem said.

 

 

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