24112022

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