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Introduction of redesigned naira note will curb money laundering, vote buying, group says

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Ethnic youth leaders and representatives of political parties have thrown their weight behind the Central Bank of Nigeria for coming up with the policy to redesign Nigeria’s naira notes.

Speaking on behalf of the group, at a meeting in Abuja, Chairman, Action Alliance Party, Comrade Meliga Godwin said the decision of the apex bank to redesign the naira was a welcome development as it would help to put a stop to money laundering,vote buying and ransom taking by kidnappers in the country.

Godwin was of the view that the new policy would put more money in the vault of the banks with which they can use to finance the formal sector for the benefit of the economy.

Godwin added that the policy, when implemented, would improve the chances of a free and fair election in 2023, as vote buyers would be restricted, while security will greatly improve.

The representative of African Sector for Justice and Human rights, Barrister Tochukwu Ohazwike stressed that in the aspects of security, the policy would help put a stop to ransom taking and restrict the circulation of cash.

Ohazwike added that with the new policy on naira note, it will become alot more difficult for speculators who wants to get access to this cash and change them at the prior market for foreign exchange.

Recall that the Central Bank of Nigeria on Wednesday announced plans to release re-designed Naira notes by December 15, 2022.

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