CBN Says Naira Redesign Not Targeted at Anyone

November 24, 2022
Naira redesigning1

By Dipo Olowookere

The Central Bank of Nigeria (CBN) has played down insinuations that the redesigning of the Naira notes was targeted at some individuals in the country.

It was speculated that the central bank decided to change the look of the N200, N500, and N1,000 notes to frustrate some politicians ahead of the 2023 general elections.

Last month, the CBN Governor, Mr Godwin Emefiele, informed reporters in Abuja that the bank had obtained the approval of President Muhammadu Buhari to redesign the banknotes. It was coming almost two decades after the CBN last carried out a similar action.

Yesterday, at the Presidential Villa in Abuja, Mr Buhari unveiled the new Naira notes, and the visible change to the legal tender was the colour of the three denominations.

This has sparked reactions from several Nigerians, who asked about the real motive behind the move, especially at a time the country was broke and was borrowing to service existing debts.

Addressing newsmen on Wednesday after the presentation of the banknotes to the President, Mr Emefiele waved off speculations that the change in the Naira design was targeted at some persons, noting that the central bank only carried out its duties as stated in the law.

“There have been insinuations that this (Naira redesign) is targeted at any individual; there is no attempt at that, we are doing our work, and we will continue to do our work,” the CBN Governor noted.

Some Nigerians have continued to question the competence of Mr Emefiele as the central bank governor following his attempt to become the country’s president next year.

The apex bank chief had attempted to partake in the presidential primary of the ruling All Progressives Congress (APC) this year.

He had claimed that some rice farmers and others purchased the party’s nomination form of N100 million for him to contest in the exercise.

However, at the last minute, he withdrew from the race. This had cast doubts on his neutrality as the CBN chief, with some calling for his removal.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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