Naira Redesign policy

Concerned with the new look of the 200, 500, and 1000 Naira bills, Sowore has called for Buhari's impeachment and the removal of Central Bank Governor Emefiele.

Omoyele Sowore, the candidate for president of the African Action Congress, has demanded that President Muhammadu Buhari be removed from office and that Godwin Emefiele, the governor of the Central Bank of Nigeria, be removed from his position as a result of the redesign of Nigeria's banknotes. The Central Bank has already indicated that it would begin putting the newly redesigned N200, N500, and N1000 banknotes into circulation beginning in December of 2022.
Emefiele, who revealed this information the previous week on Wednesday afternoon during a special briefing, stated that the redesigned naira notes were done so in response to a request made by the Federal Government.
The Governor of the Central Bank of Nigeria (CBN) asked Nigerians to take their old notes to banks in order to exchange them for the new notes. He added that this step was done in order to take control of the currencies that were circulating.
He claims that the majority of the country's currency notes are lying about outside of bank vaults, and the Central Bank of the Nation (CBN) would not allow this scenario to persist.
To be more specific, as of the end of September 2022, the data that was available at the CBN indicated that N2.7 trillion out of the N3.3 trillion currency that was in circulation was outside the vaults of commercial banks across the country and was supposedly held by members of the public. He said this. Since 2015, the amount of currency that is now in circulation has more than quadrupled, increasing from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022. I feel obligated to point out that this is a concerning pattern that cannot be allowed to persist for any longer.
In response, the candidate for the presidency of the African Action Congress (AAC) stated that the policy had a negative impact on the value of the naira. As a result, he demanded that President Buhari be removed from office and that Governor Emefiele be removed from his position at the Central Bank of Nigeria.



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