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Naira Notes Change: CNPP reacts to CBN’s resolution, reveals those against move

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The Conference Of Nigeria Political Parties (CNPP) on Thursday hailed the Central Bank of Nigeria (CBN) over its sudden resolution to redesign excessive denominations of Naira notes, together with N200, N500 and N1,000 banknotes.

The CNPP stated this in an announcement issued in Abuja by its Secretary General, Chief Willy Ezugwu.

It famous that “solely politicians who meant to purchase votes and financially induce electoral officers, the unaware of the import of the coverage or beneficiaries of proceeds of crimes, together with drug barons and kidnappers, will kick against the move by the CBN.

The assertion learn partially, “It is due to this fact apparent that many politicians, particularly since 2015, amassed illicit wealth and depleted the nationwide commonwealth to the extent that the foreign money in circulation has greater than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022, in accordance to the CBN information.

“Certainly, that is unacceptable in any financial system managed by sane monetary consultants.

“The CNPP is glad that the timing for this Naira notes redesign is correct as there is no such thing as a higher time than in an election yr, particularly the place politicians have made vote-buying another to convincing the electorates by way of their monitor information and capability to govern past rhetoric in addition to a dedication to promoting the manifestos of their political events throughout campaigns.

“We urge the anti-graft models of all safety businesses and commissions to use the chance created by the brand new and present currencies trade window from December to January 31, 2023, when the present currencies shall stop to be a authorized tender, to monitor illicit marketing campaign financing, cash laundering, terror financing, ransom to hostage takers and drug barons.

“In the identical vein, financial institution managers needs to be banned by the CBN from any type of house supply of money to residents and company organizations till after February 1, 2023, to be sure that the nation reaps the positive aspects of the CBN financial coverage.

“We equally commend President Muhammadu Buhari for his approval of the planned redesign of the currency notes, especially at this time.”

Naira Notes Change: CNPP reacts to CBN’s decision, reveals those against move

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Author: Don Silas

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