A socio-economic group, “The Middle Belt Youth Vanguard” has commended the Central Bank Governor, Godwin Emefiele and passed a Vote of Confidence on him following his announcement on plans to introduce new Naira notes.
Leading other members of the body in a National Congress, the leader of the group Mr. Godwin Meliga told newsmen that “the vote of confidence was unanimous as members were excited by the prospects and benefits of the policy to the economy”.
Mr. Meliga highlighted the benefits of the new Naira notes to the Nigerian economy.
“The fact that counterfeiting of the Naira will be halted, the Naira will be strengthened, ransoms will not be payable in cash again, vote buyers cannot buy votes again and there will no longer be uncontrolled cash volume in the system which causes inflation were part of the reasons the congress passed a unanimous vote of confidence on the Governor of the central Bank of Nigeria.
“We equally applaud the President for granting approval for this step to be taken.”
It would be recalled that the CBN had announced that from 15th December, 2022, new currency notes would be issued in the 200, 500 and 1,000 Naira denominations and by 31 January, 2023, the current notes in circulation in these denominations will cease to be accepted as legal tender.
The CBN said this will enable it to control the volume of cash in circulation especially as about 80% of the cash in circulation is outside the banking vaults and also manage the currency better for the good of the country.
