Redesign of the Naira: CSOs Support Emefiele, Charge Governors With Sabotage

The CSOs claimed to have discovered a great scheme by the 10 governors to make President Muhammadu Buhari incapable of running Nigeria if he does not change the new currency policy.

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s (CSO) rejection to extend the deadline for the use of outdated banknotes until February 10 has received support from the Civil Society Organizations of Nigeria (CSOs).

The N200, N500, and N1,000 banknotes were altered by the CBN in November 2022 to combat hoarding, requiring Nigerians to deposit their old money by the initial date of January 31. The top bank eventually extended the deadline to February 10.

The CBN is adamant about the policy even if the Supreme Court ordered an interim injunction preventing it from being put into effect.

A member of the committee, Gabriel Ojemena, praised the CBN and asserted that the impact on the nation in a number of areas, including the economy and security, had been favourable.

“It is clearly clear to Nigerians that only the vote buyers are moaning about our electoral process. This approach is under attack from a group of governors we’ve dubbed the “G10 governors,” the official said.

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“We have revealed a great scheme by the G10 governors who have vowed to render Nigeria unruly for President Muhammadu Buhari if he refuses to change the new naira policy.

These G10 governors are collecting the money and preventing its circulation.

Ojemena asserts that because the CBN’s newly printed notes were stolen, they did not reach the general public. In addition, he claimed that those who purportedly took the fresh money from the commercial banks did not permit it to be used in transactions.

They are using operatives who utilise several ATM cards to withhold the funds among other strategies. They enter the banks with a large number of ATM banks. They take this money and take it back to their superiors, he claimed.

They conspire with their banker agents to keep removing money from banks while simultaneously purchasing cash from businesses like gas stations, supermarkets, and department shops that often conduct large-scale cash transactions.

“As a result, some of these establishments now only accept cash payments, as the profit they get from the sale of the naira more than makes up for the lost business from customers who cannot afford to pay in cash.”

The suspected sabotage is anticipated to increase pressure on the system and result in the policy being abandoned or reversed, according to Ojemena.

The so-called G10 governors, on the other hand, can “cry all they want,” he said, because Nigerians are pleased that the policy has “hurt those political leaders hard” and “curtailed their excesses.”