The Arewa Economic Advancement Promoters, a northern group strongly backing the Central Bank of Nigeria’s policy to redesign the country’s currency, subsequently named CBN Governor Godwin Emefiele its Person of the Year.
Area-P is a group of strategic communications experts and academics involved in advocating economic empowerment policies and programs in the North.
Speaking at a news conference in Kaduna, the group’s convener, Nasir Dambatta, shared CBN’s concerns about the urgent need for action to tackle the flow of money and proceeds of crime in the country. Flow, adding that it has the duty to underscore that Naira has redesigned policies in general.
Nigeria will not allow the transfer of 80% of much-needed cash out of commercial banks because of the devastating consequences so far for the national economy, the group announced.
Dambatta said the CBN should be allowed to follow this process until it regains full control over the money supply.
“This is necessary, at least in light of our worrying inflation rate, which according to media reports is 20.7% in September 2022,” he said.
Dambatta noted that CBN Governor Godwin Emefiele acknowledged that the Nigerian banking system has N3.23 trillion in circulation as of September 2022, adding that out of this amount, N2.73 trillion is now not in the vaults of commercial banks. outside, or hidden in crude form by some citizens.
“Our independent investigation confirms that the CBN wants to first flow N3.32 trillion back into the system, allowing the central bank to regain control of the money supply and begin to understand how this strategy will help control inflation.
“We also wish to draw the attention of Nigerians that the CBN has acted on this naira redesign policy within its monetary policy powers. The management of the CBN relies on Section 2(b), Section 18(a) and Section 19(a)(b); and has formally sought and obtained the approval of President Muhammadu Buhari to continue to issue and circulate the new series of N200, N500 and N1,000 banknotes,” he added .
The group also endorsed the Senate position of Senator Uba Sani (Kaduna Central), chairman of the Committee on Banking, Insurance and Other Financial Institutions, that the CBN’s action would address counterfeiting caused by long-term use of the same banknotes, adding that the abolition of Cash bodes well for the economy as monetary policy decisions will be easier and less paper, especially outside the banking system, will curb terrorism financing.
“We agree with Uba Sani that less cash available outside the banking system will reduce corruption from cash transactions,” Dambatta said.
The panel also described the Senate committee’s mandatory “active” oversight of the redesign process as a commendable step.
“We would also like to commend President Muhammadu Buhari; his Chief Economic Adviser and Central Bank Governor Dr. Godwin Emefil; the leadership of the Senate Banking and Finance Committee and other relevant stakeholders for this A well-thought-out policy that does not affect those who oppose it for political reasons or who ignore the distinction between monetary and fiscal policy.
“We also hereby announce our willingness to voluntarily redouble our efforts with stakeholders to sustain the pace of public enlightenment on Naira redesign and related issues.
“As a group, we hereby declare CBN Governor Godwin Emefiele as Person of the Year for empowering multi-trillion naira agricultural support funds and SME owners in our region and in Nigeria. Additionally, he has twice successfully led Nigeria out of recession,” he added road.
According to him, to the comfort of many discerning observers, the current CBN management has done a better job of financing agriculture, small and medium enterprises in northern Nigeria than at any time in the economic history of the region.