Naira Redesign: Nigeria Governors’ Forum to Collaborate with CBN

The Nigeria Governors’ Forum (NGF) has promised to work closely with the Central Bank of Nigeria’s (CBN) leadership to ameliorate areas that required policy variation particularly the poorest households and the vulnerable in society. The Forum also promised to collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within

The Nigeria Governors’ Forum (NGF) has promised to work closely with the Central Bank of Nigeria’s (CBN) leadership to ameliorate areas that required policy variation particularly the poorest households and the vulnerable in society.

The Forum also promised to collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of the nation’s laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.

The NFIU on Saturday, however, said it was ready and willing to collaborate with the NGF on its advisories and guidelines on cash transactions stressing that governors are not opposed to the objectives of the naira redesign policy.

According to a statement by the Unit’s Chief Media Analyst, Ahmed Dikko, the NFIU he said is ready to partner with the 6-man committee set up by the NGF adding;” we will enlighten them”.

A communique signed by the interim chairman of NGF and Governor of Sokoto state said the Forum received a briefing from Mr. Godwin Emefiele, governor of CBN on the naira redesign policy, it’s economic and security implications.

Mr. Emefiele had on October 26, 2022 announced the plan to redesign the naira to control the money supply and aid security agencies in tackling illicit financial flows. He said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.

Governor Tambuwal in the communique said ;”We, the members of the Nigeria Governors’ Forum (NGF), received a briefing from the governor of the Central Bank of Nigeria, Mr Godwin Ifeanyi 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.”

“We, the members of the Nigeria Governors’ Forum (NGF), received a briefing from the governor of the Central Bank of Nigeria, Mr Godwin Ifeanyi 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 communique reads.

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 pertain to financial inclusion and under-served locations and resolved to:

“Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society, and several other citizens of our country that are excluded.

“Collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of our laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.

“Finally set up a 6-member Committee to be chaired by the governor of Anambra state, Charles Soludo, and the governors of the following states: Akwa Ibom, Ogun, Borno, Plateau, and Jigawa as members, to engage the CBN in addressing anomalies in the country’s monetary management and financial system.”

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