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REDESIGNING OF NAIRA NOTES BY NIGERIA’S CBN

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The problem with Nigerians is politicising everything. The central bank decision to redesign Naira notes is apt, long overdue, and truly economically motivated.

Aside from the security motives which you and I don’t expect the apex bank or government to disclose, the move will surely sanitise the system, enhance cashless policy and improve financial inclusion.

From January to date, the monetary authorities raised interest rates from 11% to 15.5% all aimed at reversing the soaring high cost of goods and services but the stubbornly inflationary trend keeps rising. Sadly, there’s no end in sight. This shows that even if the MPC decides to raise rates by another 100 basis points, it is not likely to change anything as the money in circulation is not within the banking system.

What does that mean?
The central bank of Nigeria says there’re currently 3.4 trillion Naira in circulation out of which only about 20% is currently within the banking system leaving a whopping 2.7 trillion Naira stashed around the unbanked informal sector thereby pushing cost of goods and services, creating liquidity challenges to nigerian banks, and unnecessary pressure on our Naira.

It is no longer news that huge amount of funds are currently plying around bandit camps buying sophisticated guns and ammunitions to perfect their heinous crimes, while political parties had since moved funds from banks to buy their way back to the government, corporate bodies on the other hand hoard large volume of funds to evade tax. This has negative implications on our nations financial sector.

Imagine Mr A who lives in a village has no bank account but keeps his 2 million Naira under his carpet while mr B who lives in Abuja with his account number but keeps his 1 billion naira in his safe. Remember they both don’t own the paper notes as it belongs to the CBN. What mr A and B owned is the value of the notes and if that is so, then why not give out the paper notes(Naira) to your trustee (Bank accounts) so that the funds will be channelled to productive sectors thereby stimulating the economy.

However, while it is true that some argued the move is ill timed considering the fact that the exercise is coming at a time when millions of Nigerians are celebrating Christmas, wedding ceremonies and elections shortly after, it will also create financial distress, put more pressure on the naira but i strongly believe its temporary and necessary sacrifice that we all have to endure for we’ll laugh last 🤓.

The CBN that i know under Godwin Emefiele having studied the problem encountered in 1984 will not be overwhelmed by this exercise, they will work round the clock including weekends to surmount those challenges and deliver the much needed mandate without necessary inflicting much hardship on the citizenry. They must also warned commercial banks against sabotaging the process, embark on aggressive campaign to rural areas, social and religious gatherings to ensure smooth and effective transition.

While banks were mandated to ensure all customers with deposits above 500k most be fully profiled (KYC), EFCC and NFIU are tracking such humongous deposits and will surely clampdown on hoarders. This i say is maradonic 💪

My brother, asked your political godfather who hide funds in soak away for votes buying to share 1 million naira each to you guys (Yan kare muradu) 🤣 as it will be worthless by January 31st.

My sister, tell your uncle who lives in the village with his 2 million naira cash to come and open a bank account and deposit such money.

Trust me guys, the CBN is smart on this.

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FMR. ZAMFARA SPEAKER SCORES (229) TO DELIVERS POLING

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Former Speaker of Zamfara House of Assembly Sanusi Garba Rikiji of the APC has scored a total of (229) votes to defeat the PDP who polls (61) votes only.

His poling unit is Rumfar Galadima (013) in Gusau the capital city of Zamfara State.

As for the result of the state house of assembly in his poling units, APC scored a total of (232) to defeat the PDP who polls (51) votes.

Rikiji is currently the house of reps candidate for Gusau and Tsafe in the 2023 election, whose election was declared inclusive by the Independent National Electoral Commission (INEC).

He is contesting the seat together with the serving members Kabiru Amadu Mai Palace, who is from the opposition PDP.

 

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CHAIR ZBIRS, WORKS COMMISSIONER, DELIVERS POLING UNITS

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The Chairman of Zamfara State Board of Internal Revenue Service, Ali Akilu Dama Bungudu has also delivered his poling unit.

His party the APC scored a total (173) to defeat the PDP who scored (111) votes.

Similar votes were also recorded for both political parties at the level of State assembly elections.

Similarly, Zamfara State Commissioner for Works Rabiu Garba Gusau has delivered his poling units with a wide margin to defeat the PDP.

APC scored (96) votes to defeat the opposition People’s Democratic Party, which scored (16) votes for both the Governorship election and state assembly for Gusau (1) at his poling unit.

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SHA’AYAU S. PAWA MAFARA SCORES (502) VOTES TO DEFEAT PDP WITH ZERO VOTE.

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A political ally of former Governor Yari Sha’ayau Yusuf S. Paws has defeated PDP in his Township Primary school poling unit in Talatar Marafa local government area of Zamfara State.

According to an official result sheet, the politician who is a member of All Progressives Congress (APC) scored (502) votes to defeat the PDP who scored (0) votes.

The politician has made history since 2015 by maintaining the only poling units which opposition party has never won a single vote during election.

He repeated the same history during the 2023 Presidential and national assembly elections conducted three weeks back, when PDP failed to score a single vote.

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