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NIESV backs CBN’s plan to redesign, produce new banknotes

By Nkechi Onyedika-Ugoeze, Abuja and Charles Ogugbuaja, Owerri
31 October 2022   |   3:57 am
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has said that, as a major stakeholder in the economic development of the country, it supports the decision of the Governor of the Central Bank of Nigeria...

CBN Governor, Godwin Emefiele

•Futile monetary policy, drop it, Onyeagucha tells FG
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has said that, as a major stakeholder in the economic development of the country, it supports the decision of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to redesign, produce, and circulate new series of banknotes, effective from January 31, 2023, when existing currencies shall cease to be legal tender.

NIESV, however, urged the CBN to ensure that the ‘’end justifies the means” by doing all that is needed with decency and utmost decorum to ensure Nigerians are properly informed and sensitised on the initiative, and why it has become important at this time.

President and the Chairman of the Council of NIESV, Johnbull Amayaevbo, who made the call while briefing journalists in Abuja, pointed out that the Nigerian economy is still largely cash-based, adding that efforts should be stepped up towards digitalising the economy.

MEANWHILE, former Secretary to Imo State Government, who is the Peoples Democratic Party (PDP) Imo East Senatorial candidate, Uche Onyeagucha, has advised Federal Government to drop the policy of redesigning naira notes.

In a statement issued, yesterday, by his Special Assistant on Media, MacDonald Enwere, the senatorial hopeful described the policy as “a futile economic policy, which the present administration is struggling to achieve under its remaining seven months.”

The statement reads: “It is futile that barely seven months to the end of President Muhammadu Buhari administration, it is embarking on printing of new naira notes. This is a futile economic policy by a failed Buhari’s All Progressives Congress (APC) government, which will lead Nigeria into further economic crises. The policy is not well thought out. The timing is wrong. The effect on the value of naira will be catastrophic.

“It is, however, unfortunate that this present administration has failed woefully to lead the country on the path of socio-economic prosperity. It is rather leading Nigeria to economic doom. Incoherent and inept monetary policies like this is, no doubt, a factor in the worsening state of the economy.”

He advised that the administration should be busy preparing the handover notes, stressing: “Rather than embarking on such a profligate and ineptitude fiscal policy, which has no monetary policy significance, it is most ideal and appropriate for this administration to begin to prepare their handover note now when time is still at their disposal.”