The apex Central Bank of Nigeria (CBN), has announced plans to boost the battered economy with redesigned Nigerian currencies of 1000, 500, and 200 Naira denominations which will be in circulation from 15th December 2022 to 30th January 2023.
Of the three trillion naira currencies currently in circulation, ₦2.7 trillion are outside of the banking sector and have stifled economic transactions through massive infiltration of counterfeit and very dirty currencies that can no longer qualify as legal tender!
Godwin Emefiele, the Central Bank governor who made the announcement last Thursday 27th October, 2022 reeled out benefits that will complement the redesigned currencies as follows 1. Terminate counterfeiting. 2. Cancel further official money printing. 3. Check corruption. 4. Precipitate cashless economy and 5. Create liquidity to manage inflation.

FAKE CURRENCIES ARE AS OLD AS NIGERIA!

Before the advent of Automated Teller Machines (ATMs), counterfeited currencies had dominated rural trading communities, urban commercial sectors and virtually the entire banking industry!

Fake Naira notes were rarely detected due to forgers perfection except they were detected by eagle eyes during exchange for goods and services; but such transactions in most cases always ended at police stations for arbitration!

In recent times even with the introduction of ATMs it has been detected that powerful syndicates operating in the banking sector have heightened the proliferation or fake Naira notes into the banks. In spite of the confidence of the ATM engineers that the machines would detect counterfeit notes, they passed seamlessly through the machines and into the hands of innocent customers who were eventually embarrassed when they presented such notes as legal tender!

In December 2017 precisely five years ago our Editorial Board launched an investigation to unravel the sources of fake Naira notes that were being dispensed from ATMs alongside legitimate currencies and discovered that a very powerful syndicate in the commercial banks were operating undetected by their principals!

Two fake N1000 currencies came into our possession through withdrawals from an ATM located within a commercial bank and another from the counter of a banking hall in the Federal Capital Territory Abuja.

We made so much noise about the two separate incidents and threatened to report the banks to the Economic and Financial Crimes Commission (EFCC), while we also spoke to some officials the CBN who promised to investigate the complaint and get back to us until FOREVER!

We then called on the Federal Government to hold the CBN Governor responsible for the trillions of naira currencies in circulation all over Nigeria through our publication: Zion B-BC Newsletter, 226th Edition of 10th December, 2017, without response until now when Mr. Emefiele acted a ONE MAN SHOW — of redesigning of the designated currencies without any imput from the Federal Ministry of Finance and National Planning.
The Minister of Finance Budget and National Planning has warned that the new notes will have dire consequences on Naira’s value.

CBN CLAIMS TO HAVE FOLLOWED DUE PROCESS IN THE NAIRA DESIGNING!

CBN’s spokesman said that the management in line with provisions of Section 2 (b), Section 18 (a) and Section 19 (a) (b), of the CBN Act 2007, duly sought and obtained the approval of the President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of 200, 500, and 1000 Naira banknotes to fulfill efficacy in the conduct of monetary policy.
He urged Nigerians to support the currency redesign project because it was in the overall interest of Nigerians since some persons were hoarding significant sums of banknotes outside the vault of commercial banks which threatened the integrity of the currency.

In respect of printing costs of the new Naira notes he said the cost will not be outrageous because they will be printed in Nigeria and within CBNs budget.

COMMENTS:
Well said but has CBN acted ultra vires to Citizens persistent appeal for SYNERGY between Ministries, Departments and Agencies (MDAs), in order to get best results and defeat Red Tapism/Bureaucracies that have escalated failures and despondency in the CIVIL SERVICE to date?
MAYBE NOT! In view of the following facts that usually guarded monetary protocol at that level:

*CBN is totally independent of the Ministry of Finance according to a 1989 Decree believed to have been promulgated by General Ibrahim Babangida.
*Just like the Economic Advisory Council (EAC), the apex bank takes instructions and reports directly to the President.
*Redesigning or outright Change of legal currencies MUST be executed with utmost secrecy because it is national sensitive issue!
*Nigerian currencies were changed in 1968 during the Biafra War (1967-1970), with a strategic view of rendering all monies of former Eastern Nigeria as illegal tender!
*In 1973, 1977 and between 1979 and 2009, the Nigerian currencies underwent various forms of changes to boost the economy at those stages of the nation’s development.
*The ₦2.7 trillion naira (about 80% of the ₦3trillion outside of the banking sector) are believed to be hoarded by desperate political moneybags who would stop at nothing to remain in contention at the 2023 General Elections by hook and crook!
*The measure is also believed would greatly reduce general GDP Inflation, especially FOOD INFLATION!
*Minister of finance could not claim total ignorance of the CBN move because one of its Directors is a member of the apex bank board.

IF IT IS AN EGO PROBLEM, WE ADVISE ZAINAB AHMED TO BACK OFF AND FACE THE ENORMOUS DUTIES OF HER MINISTRY AND STOP BEING A MEDDLESOME INTERLOPER!

The Citizens need all positive measures that would cushion the miserable state of the nation's economy now more than ever! This drowning government of the APC must give way to a PARLIAMENTARY SYSTEM OF GOVERNMENT THAT WILL PRODUCE FOR THIS GREAT NATION A PRIME MINISTER IN THE YEAR 2023! NO MORE NO LESS!

“He that covereth his sins shall not prosper but whoso confesseth and forsaketh them shall have mercy.” (Proverbs 28:13).

[WATCH OUT FOR A NIGERIAN PRIME MINISTER – NOT A PRESIDENT IN 2023!]


I am, yours sincerely, Dr. David B.A. Olufon. 08130669886, 08080243066. g-mail-dvdolufon@gmail.