Governors Declare Position On New Naira Design Policy By CBN

The thirty-six state Governors under the aegis of the Nigeria Governors’ Forum (NGF) have declared that they have nothing against the objectives of the naira redesign policy introduced by the Central Bank of Nigeria (CBN).

The Governors, however, said they need to discuss with the CBN Governor, Godwin Emefiele about the economic and security implications of the new policy as well as its challenges.

This position was contained in a communique issued on Thursday by the Sokoto State Governor, Aminu Tambuwal who is the interim chairman of the NGF.

The statement explained that Emefiele had explained to them the immediate and long-term reasons behind the new naira notes 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.”

Soludo Leads Committee

The Governors also set up a 6-member committee led by Anambra State Governor, Charles Soludo to interact with the CBN on addressing challenges and anomalies observed in the policy.

“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,” the communique added.

Naija News reports that based on the new CBN policy, old naira notes will cease to be legal tender as from January 31st, 2023.