A group, theMiddle-Belt Youth Vanguard,has passed a vote of confidence on the Central Bank (CBN) Governor, Mr. Godwin Emefiele, following the announcement by the Governor that plans have been finalized and approval obtained from the President to redesign the higher denominations of the Naira.
Leading other members of the body in a National Congress, the leader of the group 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.
Meliga further highlighted the points that thrilled members of the group to arrive at the decision to include 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 was the deal breaker for our Congress to pass a unanimous vote of confidence on the CBN Governor.
He continued It was a very courageous move, which can only be made by one who has a total understanding and control of the situation. We equally applaud the President for granting approval for this step to be taken.
Recall that the CBN had announced that from 15th December, 2022 new currency notes would be issued in the 200, 500 and 1, 000 denominations and by the 31st 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 be in control of the volume of cash in circulation and 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.
