A group, under the auspices of the Conference of Nigerians for Peace and Good Governance, CONPAGG, has applauded President Muhammadu Buhari for approving the Central Bank of Nigeria, CBN, to redesign the Naira.
According to the Group, the decision of the President through the nation’s apex bank to launch new designs and replace high-value Naira notes will go down as the President’s best legacy he would bequeath to the country.
The group of concerned Nigerians, equally charged President Buhari to complement his action by restructuring the security architecture of the country.
The commendation to the President is contained in a statement, issued on Sunday by its National Coordinator, Dr Gbenga Olusegun and Director of Women Empowerment, Dr (Mrs) Zainab Maikanti.
The statement noted that the essence of redesigning the Naira notes would be defeated if the elements manning the nation’s security sector were left to preside over the security architecture particularly as the 2023 elections draw near.
Recall that the CBN governor, while announcing the Naira redesign plan, had explained that the action was taken to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
Emefiele had said the planned policy was in line with Section 19, Subsections (a) and (b) of the CBN Act 2007, upon which the management of the CBN sought and got Buhari’s approval to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.
The Conference of Nigerians for Peace and Good Governance, while reacting to the development, said the Buhari Naira redesign policy was one of the legacies he would leave for the country, noting that the development was also one of the President’s ways of reforming the country’s electoral process.
The group said: “We strongly commend President Muhammadu Buhari, the President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, for approving the redesigning of the Naira notes before the general election in 2023. This is one of the best steps the President has taken since his administration.
“This landmark step will no doubt help to reduce inflation, currency counterfeiting and excess cash in the hand of desperate and criminal politicians who had stockpiled cash to rig the 2023 general election.
“The new policy will anchor inflation expectations, strengthen public confidence in the Naira reverse tendency for currency substitution, deepen the forex market and ensure more effective liquidity management and monetary policy in the country.
“It’s therefore clear that this policy will help in birthing a better Nigeria before President Muhammad leaves office.”
The group added that: “However, we wish to raise a serious major red flag which is the issue of insecurity and terrorism in the country. If this is not addressed within days, the entire intent and purpose of the Naira redesign would have been defeated; particularly as it affects the 2023 general election.”
According to the Conference of Nigerians for Peace and Good Governance,” Economic policy cannot work without a stable security of lives and property.”
“A deliberate approach must be put in place to ensure blockage of illicit financial flows(FFs) as well monitoring the use of financial systems to funds terrorism and banditry and this can only be done with effective and committed persons as the heads of the intelligence community, law enforcement agencies and the armed forces.