Nigeria

Nigerian governors set up committee to work with central bank on redesigned notes

The Nigeria Governors' Forum (NGF) has formed a six-person committee to work with the Central Bank of Nigeria (CBN) on fixing the country's contentious monetary management and financial system.

The Nigeria Governors’ Forum (NGF) has formed a six-person committee to work with the Central Bank of Nigeria (CBN) on fixing the country’s contentious monetary management and financial system.

The forum announced this in a statement released on Saturday following a Thursday night virtual meeting with CBN Governor Godwin Emefiele.

The governors of Akwa Ibom, Ogun, Borno, Plateau, and Jigawa states, along with Anambra State’s Prof. Charles Soludo, make up the group Soludo chairs. NGF Chairman, Gov. Aminu Tambuwal of Sokoto State, signed the forum’s statement.

It was made clear by the governors that they supported the goals of the Naira redesign strategy. Still, they also wanted the central bank to consider the specifics of households and states, particularly regarding financial inclusion and under-served areas.

“We, the members of the NGF, received a briefing from the Governor of the CBN, Emefiele, on the Naira redesign, its economic and security implications, including the new withdrawal policy.

“Governors are not opposed to the objectives of the Naira redesign policy.

“However, we observe that there are huge challenges that remain problematic to the Nigerian populace.

“In the circumstances, governors expressed the need for the CBN to consider the peculiarities of states especially as they pertained to financial inclusion and under-served locations.”

The governors reaffirmed their commitment to working closely with the CBN leadership to improve areas that required policy variety, especially for the most economically disadvantaged households, the most vulnerable members of society, and other marginalised groups in Nigeria.

Additionally, the governors agreed to work with the CBN and the Nigerian Financial Intelligence Unit (NFIU) to achieve lawful goals.

They contended that the NFIU’s recent Advisory and Guidelines on cash transactions were not within the NFIU’s legal remit and purpose.

Get more fascinating contents like this on Facebook, Twitter and Telegram
Get more stories like this on Facebook, Twitter and Telegram