Connect with us
X
Categories:

News

Naira redesign: Northern group names Emefiele ‘Man of the Year’

Published

on

Godwin Emefiele
Share this post:

A northern group, The Arewa Economic Advancement Promoters, has thrown its weight behind the policy for the redesign of the nation’s currency by the Central Bank of Nigeria and subsequently named the CBN governor, Godwin Emefiele, its ‘Man of the Year’.

Area -P is a group of strategic communication specialists and academics involved in advocacy on economic empowerment policies and programmes in the North.

The group’s convener, Nasir Dambatta, while addressing a press conference in Kaduna, shared the CBN’s concerns about the urgent need to take measures to deal with liquidity and the flow of crime proceeds in the nation adding that it felt duty bound to underscore the essence of the naira redesign policy generally.

The group declared as unacceptable for Nigeria to allow 80% of badly-needed cash outside commercial banks because this has so far had damaging consequences on the national economy.

The CBN, Dambatta said, should be allowed to follow this process up to the point of regaining full control over money supply.

“This is necessary, at least in view of our worrisome inflation, which reached 20.7 per cent in September 2022, according to media reports,” he said.

Dambatta noted that the CBN Governor, Godwin Emefiele, admitted that as at September 2022, Nigerian banking system had N3.23 trillion in circulation, adding that of this amount, N2.73 trillion was now outside commercial bank vaults or hidden by some citizens in crude forms.

“Our independent investigation has confirmed that the CBN wants to first and foremost mop up that N3.32 trillion back into the system, to enable the apex bank take control of money supply again, and begin to see how such a strategy will help rein in inflation.

“We also wish to draw the attention of Nigerians to the fact that the CBN has acted within limits of its monetary policy powers, on this naira redesign policy. The management of the CBN relied of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007; and had duly sought and obtained President Muhammadu Buhari’s approval to proceed with releasing and circulation of new series of N200, N500, and N1,000 banknotes,” he added.

The group also shared the Senate’s position as captured by the committee Chairman on Banking, Insurance and other Financial Institutions, Senator Uba Sani (Kaduna Central) that the CBN’s action would address counterfeiting due to the prolonged use of the same notes, adding that nulling the cash outside the banks would augur well for the economy as monetary policy decision making would be easier and that less notes, especially outside the banking system, would curb terrorism financing.

“We agree with Uba Sani that the less cash available outside the banking system will reduce corrupt practices engendered by cash exchanges,” Dambatta said.

The group also described the mandatory “aggressive” monitoring of the redesign process by the Senate committee as a commendable step.

“We wish to also commend President Muhammadu Buhari, his Chief Economic Adviser and Central Bank Governor, Dr. Godwin Emefiele; the Senate’s Banking and Finance Committee leadership and other relevant stakeholders for this well thought out policy, without prejudice to those opposed to the policy for political reasons or ignorance of the difference between monetary policy and fiscal policy.

“We also hereby announce our willingness to voluntarily join stakeholders in redoubling efforts towards sustaining the tempo of public enlightenment on naira redesign and related issues.

“As a group, we hereby declare the CBN governor, Godwin Emefiele our Man of The Year for the trillions of naira agricultural support funds and empowerment of owners of small scale and medium enterprises in our region and indeed Nigeria. Furthermore, he successfully led Nigeria out of recession twice,” he added.

According to him, it was heartwarming to many discerning observers, that the current CBN management had done well towards funding support for agriculture, small scale and medium enterprises in northern Nigeria more than ever before in the region’s economic history.


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Email Newsletter Marketing Online Website
Technology3 hours ago

The Vital Role of Email Fraud Detection Software

Roisea: Most Advanced Crypto Trading Platform for Bitcoin
Business2 weeks ago

The Role of Regulation in Crypto Investment: Navigating Legal Frameworks

Volatility in Commodities and How to Deal with It
Business3 weeks ago

Volatility in Commodities and How to Deal with It

Expanding Living Space
Lifestyle3 months ago

Expanding Living Space: Prefabricated Workshop Building Kits for Extra Rooms

BeBe Winans
Lyrics3 months ago

BeBe Winans – It All Comes Down to Love [Lyrics]

BeBe Winans
Music3 months ago

[Music] BeBe Winans – It All Comes Down to Love

The Countdown Begins to the Tournament That Has It All
ANE Football Analytical3 months ago

AFCON 2023: A Sporting Spectacle Set to Captivate the World

Litecoin: What Makes It The Crypto Winner?
Technology4 months ago

Runny Inflation Can Drive Cryptocurrency Adoption

Black and White French Bulldog puppies Frenchie Joy
Lifestyle5 months ago

Black and White French Bulldog puppies Frenchie Joy

3 Serious Reasons to Keep Your Teenager Away From Social Media
Lifestyle5 months ago

3 Serious Reasons to Keep Your Teenager Away From Social Media

Boxing vs MMA What Makes Them So Different
Sports6 months ago

Boxing vs MMA: What Makes Them So Different

Roisea: Most Advanced Crypto Trading Platform for Bitcoin
Technology6 months ago

NFTs and Intellectual Property Rights: Shaping Creative Ownership

The Birth of a Rugby Nation South Africas Love Affair with the Sport
Sports10 months ago

The Birth of a Rugby Nation: South Africa’s Love Affair with the Sport

A Beginner's Guide to Radicle (RAD): The Future of Peer-to-Peer Development
Technology11 months ago

A Beginner’s Guide to Radicle (RAD): The Future of Peer-to-Peer Development

Analysis of Nigeria's Renewable Energy Sector: Opportunities and Challenges
Technology12 months ago

Analysis of Nigeria’s Renewable Energy Sector: Opportunities and Challenges

Casino Gaming Poker
Sports12 months ago

What Are The Various Types Of Online Slots?

Luka Modric celebrates after scoring Real Madrid's second goal against Celta Vigo.
Sports1 year ago

Luka Modric set to join Ronaldo in Saudi Arabia’s Al Nassr

WHO World Health Organization
Health1 year ago

WHO debunks claims that tuberculosis is caused by witchcraft, poison

Atiku Abubakar
News1 year ago

2023 Election: Why DSS must arrest Fani-Kayode – Atiku

PDP Logo Umbrella
News1 year ago

PDP suspends National Chairman

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Final Episode 13)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 12)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 11)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 10)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 09)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 08)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 07)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 06)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 05)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 04)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 03)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 02)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Episode 01)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 year ago

[STORY] THE PASTOR’S DAUGHTER (Complete Episodes)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 16)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 15)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 14)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 13)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 12)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 11)

ANE Billboard Hots