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Naira Redesigned: Igbo, Yoruba groups back CBN over notes, withdrawal limits

By Saxone Akhaine (Kaduna) and Ernest Nzor (Abuja)
11 December 2022   |   4:03 am
The Igbo socio-cultural organisation, Ohanaeze Ndigbo Youth Council Worldwide, and the Yoruba Youth Council (YYC) have backed the Central Bank of Nigeria (CBN) cashless, notes redesign and withdrawal limit policies.

The Igbo socio-cultural organisation, Ohanaeze Ndigbo Youth Council Worldwide, and the Yoruba Youth Council (YYC) have backed the Central Bank of Nigeria (CBN) cashless, notes redesign and withdrawal limit policies.

Last week, the CBN announced some cash withdrawal limit policies, a development that generated mixed reactions from Nigerians.

In separate statements issued by the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike, and his YYC counterpart, Comrade Eric Oluwole, said that the youths were in support of the decision of the apex bank.

The youth groups berated members of the National Assembly for kicking against the policy, adding that it would give room for corruption to fight back.

The Igbo youth leader, Mazi Onabuike, said that: “At a time that the economy is bleeding, Nigerians should support any measure aimed at stabilising the naira.

The cash withdrawal limit is an effective monetary policy.

“We, the Igbo youths, are firmly in support of the policy, as it would aid in fighting corruption, which has been entrenched in the Nigeria system. We also have no doubt that it will help in the stabilisation of the exchange rate and reduce inflation.

“It is also a bad market for all vote buyers. As Nigerians prepare for the 2023 election, all those who have stashed money waiting to buy vote must be living in regrets now.”

Onabuike, while noting that there were other far reaching benefits “that would help secure the future of our children and our youths”, urged the National Assembly to stop further opposition to the policies, stressing that on the long run, the masses would reap the benefits.

Meanwhile, Comrade Oluwole, maintained that the redesign notes would accelerate Nigeria’s migration into a cashless economy, as being done in many countries across the globe.

He said that the advantages of the policy include effective monetary policy, fighting corruption, and helping in the stabilisation of the galloping exchange rate.

Besides, Oluwole said that the cashless policy and redesigning will help to drastically reduce inflation, and engender free and fair elections “among other benefits that are far reaching that will help secure the future of our children and our youths.”
 
Oluwole, however, urged the CBN to orientate Nigerians about this development, adding that the people need to know the advantages of the policy in order not to cause confusion.

He corroborated CBN governor’s position that high cash usage results in a lot of money being outside the formal economy, thus limiting the effectiveness of monetary policies in managing inflation and encouraging economic growth.

He further stated that the redesign was to check currency fraud; deal a fatal blow to the growing worrisome kidnapping and ransom industry, reduce inflation and control the amount of money in circulation.

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