Naira Redesign: CSO backs Emefiele, accuses Governors of sabotage


The Civil Society Organisations of Nigeria (CSO) have expressed support for the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele’s refusal to go back on its February 10 deadline on the use of old banknotes. The CBN had redesigned the N200, N500, and N1,000 banknotes in November 2022 to tackle hoarding, forcing Nigerians to deposit their old currencies in line with the initial January 31 deadline, which the apex bank later extended to February 10.

Though an interim injunction granted by the Supreme Court restrained the CBN from carrying out the implementation, the apex bank is insistent on the policy. Praising the CBN, a member of the group, Gabriel Ojemena, claimed that the impact on the country in various regards, including economy and security, have been positive. “On our electoral process, it is now obvious to Nigerians that it is only the vote buyers that are complaining. This policy is facing a syndicated attack from a group of governors who we have termed the ‘G10 governors’,” he said.

“We have uncovered a grand plot by the G10 governors who have resolved to make Nigeria ungovernable for President Muhammadu Buhari if he refuses to reverse the new naira policy. “These G10 governors are mopping [up] the money and stopping it from circulation.”

According to Ojemena, the new notes printed by the CBN was hijacked, so it did not trickle down to the masses. He added that the people who allegedly withdrew the new currency from the commercial banks have not allowed it to circulate.


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