Northern Group Lauds Naira Redesign, Declares Emefiele Man of the Year

The Arewa Economic Advancement Promoters (AEAP) a group which monitors the economy of the North, has declared the Governor of Central Bank, Dr.
Godwin Emefiele as it’s man of the year.

The group in a statement on Monday praised the CBN governor for redesigning some naira notes, due to be circulated on December 15, and for funding agriculture, Small Scale and Medium Enterprises (SMEs) in the north.

The statement jointly signed by acting chairman of the group, Abdullahi Muhammad and the Director, Strategic Communications, Nasir Dambatta described the redesigning of the N200, N500 and N1000 notes

as the right step towards addressing inflation and the continuous depreciation of the naira.
The statement said, those opposed to the policy were doing so either out of ignorance or for political reasons.
The group said the policy will address liquidity problems and financial crimes in the country.
“It is unacceptable for Nigeria to allow 80 per cent of badly-needed cash outside the banking system which has damaging consequences on the nation’s economy”, the statement said.

While commending President Muhammadu Buhari and the senate for approving the policy, the group said, “The CBN should be allowed to follow this process upto the point of regaining full control over money supply.

“This is necessary, at least in view of our worrisome inflation, which reached 20.7 per cent in September 2022, according to media reports”.
The AEAP noted that the CBN governor had admitted that as at September 2022, the Nigerian banking system had N3.23 trillion in circulation and that N2.73 trillion of the amount is outside the banking system or hidden at home by some citizens.

“Our independent investigation has confirmed that the CBN wants to first and foremost to mop up that N3.32 trillion back into the system to enable the apex bank take control of money supply again and begin to see how such a strategy will help rein in inflation.”

The group urged Nigerians to support the policy in order to address some of the economic challenges facing the country.
The statement dismissed those questioning the legality of the policy, maintaining that the CBN acted within limits of its monetary policy powers, as it relied on section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007 and duly sought and obtained the approval of President Muhammadu Buhari to proceed with redesigning and circulation of N200, N500, and N1,000 notes.”
The group said further that it aligned itself with the position of the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, that the CBN’s action will address currency counterfeiting, boost economy and enhance monetary policy as well as curb terrorism financing and other financial crimes.
“We wish to also commend President Muhammadu Buhari, his Chief Economic Adviser and Central Bank Bank Governor, Dr. Godwin Emefiele; the Senate’s Banking and Finance Committee leadership and other relevant stakeholders for this well-thought-out policy…
“We also hereby announce our willingness to voluntarily join stakeholders in redoubling efforts towards sustaining the tempo of public enlightenment on Naira Redesign and related issues.

“As a group, we hereby declare the CBN Governor, Dr. Godwin Emefiele our Man of The Year for the trillions of naira agricultural support funds and empowerment of owners of Small Scale and Medium Enterprises in our region and indeed Nigeria.
“It is heartwarming to many discerning observers, that the current CBN management has done its best towards funding support for agriculture, Small Scale and Medium Enterprises( SMEs) in Northern Nigeria more than ever before in the region’s economic history”, the group said.

John Shiklam

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