NGF: We are not opposed to naira redesign by CBN

The Nigeria Governors’ Forum (NGF) has stated that it is not opposed to the naira redesign policy by the Central Bank of Nigeria (CBN).

This was contained in a communique issued on Thursday by Aminu Tambuwal, interim chairman of NGF and governor of Sokoto.

He said the forum received a briefing from Godwin Emefiele, governor of CBN, on the naira redesign policy, its economic and security implications.

Emefiele on October 26, announced the plan to redesign the naira to control the money supply and aid security agencies in tackling illicit financial flows.

The CBN governor had said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.

“We, the members of the Nigeria Governors’ Forum (NGF), received a briefing from the governor of the Central Bank of Nigeria, Mr Godwin Ifeanyi Emefiele, on the naira redesign, its economic and security implications including the new withdrawal policy. Governors are not opposed to the objectives of the naira redesign policy,” the communique reads.

“However, we observe that there are huge challenges that remain problematic to the Nigerian populace. In the circumstances, governors expressed the need for the CBN to consider the peculiarities of states especially as they pertain to financial inclusion and under-served locations and resolved to:

“Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society, and several other citizens of our country that are excluded.

“Collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of our laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.

“Finally set up a 6-member Committee to be chaired by the governor of Anambra state, Charles Soludo, and the governors of the following states: Akwa Ibom, Ogun, Borno, Plateau, and Jigawa as members, to engage the CBN in addressing anomalies in the country’s monetary management and financial system.”