{"id":46403,"date":"2022-10-27T09:28:01","date_gmt":"2022-10-27T09:28:01","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=46403"},"modified":"2022-10-27T09:28:01","modified_gmt":"2022-10-27T09:28:01","slug":"group-calls-for-suspension-of-redesigning-of-naira-notes","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/10\/27\/group-calls-for-suspension-of-redesigning-of-naira-notes\/","title":{"rendered":"Group calls for suspension of redesigning of naira notes"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\">\n<p class=\"entry-title\">A group, <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/10\/21\/northern-group-throws-support-for-tinubus-economic-blueprint\/\"><strong>Concerned Northern Forum<\/strong><\/a>, has called for the suspension of redesigning of the N200, N500 and N1000 notes, saying the measure would be detrimental to the nation\u2019s economy.<\/p>\n<\/header>\n<div class=\"entry-content\">\n<p class=\"p1\"><span class=\"s1\">The group\u2019s spokesman, Mr Abdulsalam Kazeem, made the call in a statement on Thursday in Kaduna.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/08\/central-bank-of-russia-cuts-key-rate\/\"><strong>Central Bank of Nigeria (CBN)<\/strong><\/a> had announced that it was redesigning the currency notes from Dec. 15.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to Kazeem, redesigning the Naira denominations will inflict more harm on its value.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He explained that this was because the current exchange rate of the Naira to the dollar or pounds, had made the naira lose its value.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He called for serious economic policies that would strengthen the naira against dollar and pounds.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The group\u2019s spokesman said Nigeria\u2019s economy was down and the naira had depreciated to the minimal value, hence redesigning the notes would only cost the nation huge sums of money at the expense of taxpayers.<\/span><\/p>\n<p class=\"p2\">\u201cThis is coming at a period when we are borrowing to fund significant parts of our annual budget and another significant part of the borrowing goes to debt servicing.<\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cYet the only solution the apex bank could offer is to redesign our currency,\u201d he said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Kazeem wondered if redesigning the notes would make Nigeria\u2019s currency to gain value at the exchange rate market or add value to the standard of living of the citizenry.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThese are some questions begging for immediate answers, if no satisfactory answers are provided, the apex bank should immediately stop the process of the new design.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cOr else, it will be resisted by us in collaboration with other concerned civil society organisations from within and outside our region,\u201d he said.<\/span><\/p>\n<p class=\"p2\">He alleged that the decision to redesign the naira was to empower individuals, consultants or contractors, who were desperate to make something before the end of the current administration.<\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThis idea should be rejected by all and sundry, it is not in the interest of the nation and it will add no value to the current multiple economic challenges the nation is facing.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cFailure to meet our demands to suspend redesigning of the notes will lead us to massive protest across the Northern region and the Federal Capital Territory.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThose behind the idea should also be checked and questioned, while the CBN governor should be sacked,\u201d Kazeem said.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A group, Concerned Northern Forum, has called for the suspension of redesigning of the N200, N500 and N1000 notes, saying the measure would be detrimental to the nation\u2019s economy. The group\u2019s spokesman, Mr Abdulsalam Kazeem, made the call in a statement on Thursday in Kaduna. The Central Bank of Nigeria (CBN) had announced that it [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":46410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"42922","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[7],"tags":[1608,8140],"class_list":["post-46403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-central-bank-of-nigeria","tag-naira-notes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Group calls for suspension of redesigning of naira notes &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/10\/27\/group-calls-for-suspension-of-redesigning-of-naira-notes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Group calls for suspension of redesigning of naira notes\" \/>\n<meta property=\"og:description\" content=\"A group, Concerned Northern Forum, has called for the suspension of redesigning of the N200, N500 and N1000 notes, saying the measure would be detrimental to the nation\u2019s economy. 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