Geneal NEWS

Polls 2023: Fear grips politicians of Naira redesign

There are indications that a move by the Central Bank of Nigeria, CBN, to redesign the N200, N500 and N1000 banknotes may have an impact on the upcoming general elections.

The DAILY POST reports that CBN Governor Godwin Emefiele announced on October 26 the decision of the main bank to redesign the N200, N500 and N1000 banknotes.

According to Emefiele, the new design will be effective from mid-December 2022, urging bank customers to start depositing old Naira notes.

The Governor of the Bank of Canada said that the central bank has become concerned about some of the formidable challenges in managing the current banknotes in circulation, especially those outside the banking system, noting that these portend some consequences for the health of the Central Bank of Nigeria and the country.

The Daily Post reported that the development sparked controversy from concerned Nigerians across the country, with many opposing the move, claiming it would cause more harm than good, while others praised CBN’s decision.

Some political and religious leaders, including the controversial Islamic cleric, Ahmed Gumi, have claimed that a large number of Nigerians, especially the rural population, are dependent on cash transactions, warning that any move that could cause a further liquidity crisis would spell disaster for the nation. .

However, President Muhammadu Buhari, on 30 October, expressed his support for CBN’s decision, stating that the country stands to gain a lot through the new initiative, particularly its impact on illicit funds.

According to a statement by his chief special assistant for media and publicity, Garba Shekhu, Buhari said that the reasons given to him by the Central Bank of Nigeria convinced him that “the economy would benefit from lower inflation, counterfeiting of currencies and excess money currently in circulation.”

The Chair stated that they did not consider the three-month period for change into new banknotes to be short.

Meanwhile, some Nigerians, who spoke with our correspondent on Saturday in Abuja, expressed optimism that the development will have a good impact on the holding of the 2023 general elections.

According to them, the plans of some prominent political figures who may have stashed billions of Naira in their various homes to buy votes in 2023 have been stalled.

Activist Mr Kenneth Monday, who was one of those who organized the EndSARS protest in Abuja in 2020, told our reporter that those who resist the move of the main bank are suspects who should be put under surveillance.

He said, “They turned their homes over to the banks because the money was obtained illegally. Most of them are crying now. Because they know the money they have cannot be counted and the bank cannot trace it, they wanted to use it to buy votes as usual.”

“With CBN moving in, you either go to the bank and deposit the ill-gotten money, or the cash becomes useless. This will be good for the upcoming elections because they may not be able to get all the money to carry out their evil plans again.”

The DAILY POST reports that the Economic and Financial Crimes Commission (EFCC) revealed on Thursday that several incumbent governors have been placed under surveillance over stashed Naira notes.

Anti-graft agency chief Abdul Rashid Bawa, who announced this while answering questions from journalists after meeting President Muhammadu Buhari at the Presidential Villa in Abuja, earlier raised an alarm that three rulers had stashed money in their homes in Abuja. Plan to pay workers in cash.

Speaking to our reporter, a Labor leader in Abuja, who asked not to be named, claimed that CBN’s move will affect some presidential candidates who have been accused of financial crimes.

“CBN has made some bullion carts empty. It was the bullion cart they used to rig the previous elections that brought these bad leaders to power.

“If the federal government really means this Naira issue, then some of the presidential candidates we all know will have to find another alternative to election fraud because they may not have enough cash to be moved in the Bullion Van from one ballot to the next as usual.

“Everything that is happening in the country now shows that God will participate in the 2023 elections. Who knows, maybe Buhari was doing this to make sure that the elections are free and fair. We are taking back our country.”

Similarly, a banking source told the DAILY POST that some politicians who believe in rigging elections with cash may find it difficult in the upcoming elections.

According to him, there is a limit to the amount of cash withdrawal an individual can make in a day.

He said: “If the government really wants to do things the right way, then some of the election fraudsters who use cash, may find it difficult in the next election.

“All withdrawals can be monitored through BVN. There is a limit to how much can be withdrawn from individual and corporate accounts. If the issue of storing Naira notes has to be brought to an end, CBN and EFCC have more work to do.”

Polls 2023: Fear grips politicians of Naira redesign

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button