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4 — Vanguard, THURSDAY, NOVEMBER 24, 2022
Why I approved redesign of Naira locally – BUHARI By Emma Ujah, Abuja Bureau Chief & Johnbosco Agbakwuru PRESIDENT Muhammadu Buhari yesterday inaugurated the new Naira banknotes, expressing delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting, NSPM Plc. Speaking at the inauguration of the new banknotes, which preceded the Federal Executive Council, FEC, meeting in Abuja yesterday, Buhari explained in detail the basis for his approval to the Central Bank of Nigeria, CBN, to redesign the N200, N500 and N1000 banknotes. According to him, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit. He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage. Buhari, who commended the CBN Governor Godwin Emefiele and his deputies for the initiative, also thanked the Managing Director, Mr. Ahmed Halilu, Executive Directors and staff of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.” The President noted that international best practice required central banks and national authorities to issue new or redesigned currency notes every five to eight years. Redesign long overdue • Why naira has not been redesigned in 19 years – EMEFIELE•We're yet to receive large deposits – CBN•Says only N165bn received as at last Friday•Warns there'll be no deadline extension –BUHARI He noted that it was now almost 20 years since the last major redesign of the country’s local currency was done, adding that implied that the Naira was long overdue for a redesign. The President said: ''A cycle of banknote redesign is generally aimed at achieving specific objectives, including, but not limited to improving security of banknotes. ”It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management. ‘‘As is known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grants the CBN the power to issue and redesign the Naira. “In line with this power, From left: Leader of Afenifere, Chief Ayo Adebanjo raising the hands of Presidential candidate of Labour Party, Mr. Peter Obi, while the Vice Presidential Candidate of Labour Party, Senator Yussuf Datti Ahmed and others look on during the Labour presidential rally at Lekan Salami Sports Complex, Adamasingba, Ibadan, yesterday. Photo: Dare Fasube. Vanguard, THURSDAY, NOVEMBER 24, 2022 — 5 POCKET CARTOON the bank’s governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the CBN.” He expressed the hope that the new notes would address the urgent need to take control of currency in circulation, adding that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation. Design was locally done Buhari said the redesigned notes would equally address the increase in counterfeiting of high-denomination Naira banknotes. “It is on this basis that I gave my approval for the redesign of the N200, N500 and N1000 banknotes. “While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries, and Nigeria is one, hence a majority of African countries print their currencies abroad and import them the way we import other goods. “That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by NSPM Plc,’’ he said. Currency ought to be redesigned, re-issued by 5-8 yrs – EMEFIELE In his remarks, Emefiele explained that in line with global practice, the naira was supposed to be redesigned and re-issued between five and eight years. He regretted that in Nigeria, the naira had not been redesigned for about 19 years now because of lack of political will from the previous leaders. He said: "In the past, I have to confess that attempts by the CBN to redesign and reissue the naira notes have been resisred. It is only President Muhammadu Buhari that has the courage to do so." Emefiele said it was the mandate of the CBN to redesign and reissue the notes, assuring that henceforth, the exercise would take place after five to eight years. "After today, the CBN will begin to redesign and reissue the naira for every five to eight years," he said. Continues on Page 28 By Mariam Eko On 133m Nigerians living in poverty and way forward A nation that is not pro ducing goods cannot lift its citizens from poverty. The NBS statistics is a clarion call to the authorities that Nigeria is sitting on a time bomb and the implications are highly dangerous. Corruption and crime will be in the order of the day if the situation is not addressed quickly. —Idris Ishola, Stockbroker THE poverty level in the country is getting worse. Most families cannot afford one meal per day and the level of deprivation in all aspects of living is absurd for a country blessed with both natural and human resources. This is so sad. —Egwuagha Ngozi, Trader Iagree with NBS that Nigerians are suffering from multidimensional poverty. Most kids have dropped out of school and they are hawking for their parents. Honestly, people are suffering. Some people are homeless, and jobless, and government should act fast. —Oluwakemi Bamidele, Caterer THE level of poverty in this country is alarming. You get paid but you can’t even save because a lot of bills are already waiting to slaughter the salary. How long are we going to continue like this? Government should take this issue before it gets out of hand. —Benjamin Nzekwu, Credit control executive THE statistic is a nobrainer because most of us can feel poverty and deprivation. Moreover, these indicators are bound to happen under this current government. Until we have a working system that can checkmate corrupt leaders, the situation cannot get any better. —Folaranmi Ayodele, Photograhper NIGERIANS now lack the basics of human existence as cheap as food. The level of hunger has further heightened the level of insecurity in the country. I believe the NBS report but feels it may be far higher than that based on the reality around us. —Adeniji Silvanus, Architect
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