- Emefiele following criticisms from Nigeria’s political space has revealed the reason behind the Nigerian naira’s redesign.
- The decision to redesign the naira notes was inspired by a terrible event in 2015 general elections prior to President Buhari’s emergence as Nigeria’s President.
- The CBN Governor reveals about N2.7 trillion was loaded into people’s private homes ahead of the 2015 elections.
EKO HOT BLOG reports on the allegation by the Governor of the Central Bank of Nigeria, Godwin Emefiele, that a significant amount of money, approximately N2.7 trillion, was being held in people’s homes prior to the Buhari administration taking office in 2015.
This according to Godwin Emefiele was one of the reasons that necessitated the Central Bank’s idea behind the naira’s redesign in earnest as the 2023 elections draw ever closer.
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As of October 2022, currency in circulation had risen to N3.23 trillion, with only N500 billion being held within the banking industry.
In an effort to bring this money back into circulation, the government has implemented a redesign of currency denominations and extended the deadline for the currency swap.
The new deadline is now February 10, 2023, giving more time, discretion, and order for Nigerians to change their old currency to the redesigned notes, particularly in rural areas where access to banking services may be limited.
“N2.7 trillion was kept permanently in people’s homes” Emefiele accounted after meeting with Nigeria’s President Buhari in Daura, Katsina State, when both men had agreed to extend the old currency swap by 10 days.
The Apex Bank Governor provided more clarifications, stating that typically, when the CBN releases money into circulation, it is intended to be spent and, after some period of time has passed, it is returned to the CBN, keeping the amount of money in circulation firmly within the CBN’s control.
Ahead of the deadline for the naira swap and the February polls, more light continues to be thrown on the subject with every passing of the night.
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Evidently from Godwin Emefiele’s assertions, the naira notes’ redesign wasn’t a fire that raged without a smoke signal being seen ahead of time.
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