A new policy has been announced by the Central Bank of Nigeria (CBN) which will bring about the complete redesign of Nigeria’s currency, the Naira.
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| Reno Omokri (r) takes a shot with the Presidential candidate of the People’s Democratic Party (PDP) for the 2023 presidential election Atiku Abubakar (fifth from Left), alongside Atiku’s supporters including Dino Melaye (third from right). Photo: @renoomokri |
The policy will affect the higher denominations of the Naira only.
The CBN has announced the deadline for the phasing out of the existing ₦200, ₦500, and ₦1,000 notes from circulation for their replacement with the new ones.
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), said, while announcing the new policy, more than 85% of the Naira note are sitting well-balanced outside the vaults of the commercial banks.
Emefiele clarified that, “to be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.”
The CBN Governor further clarified that the new policy will minimize the “incidents of kidnapping and terrorism” in the country.
He said, “the bank is convinced that “the incidents of terrorism and kidnapping would be minimized as access to large volume of money outside the banking system used as source of funds for ransom payment will begin to dry up.”
Reno Omokri has reacted to the CBN’s new policy to redesign the Naira, describing it as a “good idea”, as well as supports that, the “stockpiles of Naira” in the custody of “kidnappers, bandits and corrupt elements” will be rendered “useless”.
Omokri, who is a supporter of the presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, tweeted; “The redesign of the Naira is a good idea. Kidnappers, bandits, and corrupt elements have stockpiles of Naira that they can’t bank. This change will render their billions useless. The pound and dollar have been redesigned multiple times. On this, Emefiele did well!”
As posted by Reno Omokri on his official Twitter account ⬇️
The redesign of the Naira is a good idea. Kidnappers, bandits and corrupt elements have stockpiles of Naira that they can’t bank. This change will render their billions useless. The pound and dollar have been redesigned multiple times. On this, Emefiele did well! #TableShaker
— Reno Omokri (@renoomokri) October 26, 2022
