Politicians Move to Mobilise Lawmakers Against CBN, Naira Redesign

Top Nigeria politicians are reportedly mobilizing against the Central Bank of Nigeria over the apex bank’s move to redesign Naira notes.

The aggrieved politicians are believed to be those who have stashed billions of Naira in various places ahead of the 2023 general elections.

According to This Day, the big wigs have are making constant moves to halt the plans of the Central Bank of Nigeria (CBN) to reintroduce and redesign Naira notes.

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The publication reported that the politicians are confused over the CBN’s move and have started mobilizing members of the National Assembly to pass a resolution against the Naira redesign.

The politicians are said to be inciting the National Assembly to pass a resolution to direct the CBN to shift the Naira redesign process till after the 2023 general election.

“These politicians are believed to have kept large amounts of cash in their houses and other hidden places and they believe that three months will be too short for them to return these funds to the banks without being indicted by the EFCC for money laundering and other related crimes,” one of the sources told THISDAY.

However, the CBN’s plan to redesign the Naira can only pull through if President Muhammadu Buhari backs the institution.

Daily Report Nigeria earlier reported that CBN Governor, Godwin Emefiele, on October 26, announced the bank’s plan to redesign the Naira to control money supply.

The Naira redesign process will affect N200, N500, and N1,000 and notes.

The redesigned N200, N500, and N1,000 notes will go into circulation from December 15, while the current notes will cease to be legal tender by January 31, 2023.

According to the Emefiele, the move is aimed at fighting corruption, checkmating money laundering, eliminating counterfeits, and ending the hoarding of the Naira by kidnappers and others.