Northern group faults CBN over planned redesign of Naira notes

A Northern group simply identified as Concerned Northern Forum on Wednesday condemned the proposed plan by the Central Bank of Nigeria (CBN) to redesign the Naira notes.

The CBN Governor, Godwin Emefiele, had earlier on Wednesday announced that the N200, N500, and N1000 notes would be redesigned effective from December 15.

But in a statement issued in Kaduna State by its spokesman, Abdulsalam Kazeem, the group described the planned redesign of the Naira as a waste of the nation’s resources since it cannot redeem the value of the currency against the United States Dollar and British Pound.

The CNF alleged that the move was designed to enrich some consultants or contractors who are desperate to make some money from the current administration before leaving office in 2023.

The statement read: “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.

READ ALSO: CBN to introduce redesigned Naira notes by December

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

“The redesigning of the said currency will only cost our nation huge sums of money at the expense of taxpayers.

“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 and yet the only solution the apex bank could offer is to redesign our currency.

“We are concerned as representatives of our people and region. If we may ask: will the new design make our currency to gain value at the exchange rate market? Will it add value to the standard of living of the citizenry of our region and the nation at large? These are some questions begging for immediate answers!”

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