Naira Redesigning will Aid Clean Electoral Process – Senator Abba Moro

….says it will curb counterfeiting and help the cashless policy

The Senator representing Benue South, Abba Moro has said that the Central Bank of Nigeria (CBN)’s move to redesign some denomination of the Naira notes will aid clean electoral process, curb counterfeiting and help the cashless policy.

He said this while speaking with ALL FACTS NEWSPAPER’s Correspondent in his Abuja office.

ALL FACTS NEWSPAPER had reported the unruly session that ensued during the Senate debate on Naira Redesigning Policy of Central Bank of Nigeria.

Debate on the policy by Senators was a sequel to a motion sponsored to that effect by Senator Uba Sani ( APC Kaduna Central).

Senator Sani who chairs the Senate Committee on Banking, Insurance and other Financial Institutions, had in the prayers to his motion , urged the Senate to provide legislative support for the policy.

He also wants the red chamber to mandate his Committee to embark on aggressive oversight on the policy slated to take full effect on January 31, 2023.

Although, trouble started on the debate when senators Ali Ndume, Abiodun Olujimi, Betty Apiafi, Barau Jibrin, Chukwuka Utazi, and Orji Uzor Kalu, supported the CBN policy but suggested the extension of the deadline for compliance.

While speaking with AFNews Correspondence, Senator Moro who posits that the decision of the Central Bank of Nigeria to redesign some denominations of the country’s currency is a crucial step towards bringing back large volumes of money circulating outside the banking system said “There is no serious implication on the redesigning of the naira notes, especially some categories of the naira notes, and I’m in full support of the redesigning of the Naira notes

“At this moment that I’m talking to you there is too much money in circulation that is outside the banking system. And knowing that we are banking on a cashless policy of government, it is scary that we can be having such huge amounts of money in cash outside the banking system.

“It makes a mockery of government’s cashless policy, which was intended in the first place to sew up our naira. So I’m in full support of this new policy of redesigning the naira and it’s within the fiscal regulations all over the world. The Pound has been redesigned time and time again. Even the dollar has also gone through some metamorphosis in recent times. So I don’t see anything spectacular about what the Nigerian government is trying to do now.

“If you look at the information that the central bank has made available, we have no reason to doubt the central bank on this matter. About 80% of money in circulation in Nigeria is outside the banking system which is an awful amount of money. It doesn’t make sense in terms of fiscal responsibility of government.

“Central Bank is complaining about counterfeiting and what it means is that at the moment, the current design of the Naira is very vulnerable to counterfeiting. You know, again, that was a lot of money in the space, which is not particularly good favorable to finances system. Competent about it.

“The Nigerian Naira has been having a freefall. I know as a fact that towards the end of 2015, naira was 192 against 1$, in the beginning of 2015, it was around 155 as against 1$. How come within the space of how many years, it has grown off the roof. It’s ridiculous. It makes no sense.

“I think something drastic needs to be done. And that is why I say look, if there is anything the central bank that is charged with the responsibility of determining fiscal policy or monetary policy would want to do to save the face of the naira and save the face of Nigeria, it is this redesigning.

“Every right thinking Nigerian should support it. And I support it. Because I think is the right thing to do at this defining moment of our lives. If we don’t do it, the future is bleak. Our system will collapse. No doubt about it.

“Now, we have a budget of 21 trillion Naira and there is nothing to show for it. The roads are still in a state of disrepair. Our energy supply continues to be epileptic. Look at our education system. Look at how long the universities were on strike or is it our security situation. So, it is an accumulation of all activities that certainly affect the lifestyle and the life system of the average Nigerian.

“They talk about rural settlers not having access to banks. How many of them save money? How much do these rural people have that they are using them to make excuse? I don’t accept that analogy.

“Election is next year, if we have too much money outside the banking system, it will increase the cost of elections and affect the electoral process. So people who are talking about extending the time of exchange and deposit and rest of them, are just been far away from the truth. They’re not telling the truth.

“Who says that after the February-March election, who says that the central bank cannot say, okay, let’s reverse. if you still have money bring it. But for the moment, let’s make this new Naira, the Legal tender.

“Let those who have stashed money away account for it. There’s no better way of even fighting the corruption that we’re talking about here than this redesign. Let those who have stashed trillions of Naira away account for it.

“I think that what the central bank is requesting is not too much, just a legislative support, because the central bank has the power by their Act to do what they want to do. But they want some level of legitimacy because the National Assembly represents all Nigerians. Every Nigerian should queue behind the central bank now to save this country from imminent collapse, he said.