‘Redesigning Naira Will Reduce Electoral Fraud, Insecurity, Corruption’

A Chieftain of the All Progressives Congress (APC) in Bauchi Alhaji Sani Al’ameen Muhammed has explained that redesigning all major naira notes by the Central Bank of Nigeria (CBN) will reduce incidences of electoral fraud, vote-buying, insecurity and corruption in the country.

Al’ameen, a one-time APC Gubernatorial Aspirant in Bauchi State, stated via a statement, which was made available to newsmen in Bauchi.

Recalled that on December 15th, 2022,  the Central Bank of Nigeria (CBN) after getting President Muhammadu Buhari’s approval, announced plans to redesign naira notes of N200, N500, and N1000.

He said President Muhammadu Buhari should be commended for a laudable initiative of allowing the apex bank to redesign the currencies, adding that the development will bring sanity to the currency management situation in Nigeria.

“It is disheartening to discover that the CBN governor, Godwin Emefiele, complained that Nigerians were hoarding about N2.7 trillion from the financial system as out of the N3.3 trillion in circulation, only N600 billion is in the vaults of commercial banks”

“More worrisome is the significant hoarding of banknotes by members of the public with statistics showing that over 80% of the currency in circulation are outside the vaults of commercial banks, this situation should not be allowed to continue.

“So, I am advising Nigerians to support the initiative in the best interest of the country. I am equally calling on the Central Bank to monitor  the financial system in particular as well as the economy in general which I believe is for the betterment of the country” he said

Al’ameen called the anti-graft agencies to go after those hoarding naira notes in the country and urged all stakeholders to support the crusade with patriotism as part of efforts to sanitise and stabilise the system in the best interest of the country.