Nigerians Mock CBN Governor, Godwin Emefiele, Over Redesigned Naira Notes

Posted by African Examiner African News, Business News, Featured, Latest Headlines, News Across Nigeria Friday, October 28th, 2022

(AFRICAN EXAMINER) – Nigerians have taken a big swipe at the controversial governor of the central bank of Nigeria (CBN), Godwin Emefiele over the introduction of the new notes even at this time the Naira’s value is at free fall, and the economic hardship bites harder.

Recall that the CBN has announced the redesigned 200, 500, 1,000 naira notes and will soon be introduced into circulation.

The policy, however, did not go down well with many Nigerians who viewed the policy as misplaced priorities by the apex bank, and tag the embattled CBN governor, Emefiele as the most incompetent, policized governor in the history of the bank, particularly when he abandoned his duties recently and planned to run for the president of Nigeria while still in office.

On the new naira notes, Nigerians have the following to say:

@firstladyship writes: “Godwin Emefiele destroyed the Naira. However, redesigning the N200, N500 & N1,000 notes will force politicians to either spend their Naira hidden in houses & septic tanks, or bank them by force. The CBN Governor got the policy right. But the Naira is N752, so he is still a saboteur.

@onyema007 writes: “I feel this (sic) people want to use this method to make the money or ramsom given to bandit useless.”

@LegacyNgLimited writes: “Most big businessmen I know have converted ALL their Naira savings to USD.”

Eyen Idarauwem writes: “Na lie o. Redesigning the naira at this time adds further strain on our already strained economy. You can rest assured that nobody is stacking up a fastly depreciating naira anywhere.”

@iam_europepikin writes: “It is not to return and explain, it is to spend it during the election… Apc already have enough looted funds for vote buying. And our dear Agbado master definitely has enough (bullion van).”

@Sochicity123 writes: “This gonna put pressure on the Naira because there will be pressure to convert the stored Naira to dollars.

Our correspondent reports that the redesigned Naira will be in circulation as from December 15, 2022, while the old ones will cease to be legal tender by January 2023.

Commercial banks have already advised their customers to begin depositing the old bank notes as soon as possible even as they waive charges on cash deposits.

Meanwhile, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmad has criticized the new notes policy.

Her words: “We were not consulted at the Ministry of Finance by CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.

“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time, portends serious consequences on the value of Naira to other foreign currencies.”