here are signs that the CBN’s decision to redesign the N200, N500 and N1,000 notes may have an impact on the upcoming general elections.
According to DAILY POST, the CBN Governor, Godwin Emefiele, announced the decision to redesign the N200, N500, and N1000 notes on October 26.
Emefiele stated that the old Naira notes should be deposited in the bank as of mid-December 2022 because the new design will go into effect then.
The CBN governor stated that the nation’s top bank had grown concerned about some difficult management issues with the current banknotes in use, particularly those outside the banking system, and noted that these issues portended some consequences for the CBNs and the nation’s integrity.
According to reports, the development had sparked debate among worried Nigerians across the nation. Some argued against the CBN’s decision, saying it would be counterproductive. Others praised it.
Many Nigerians, particularly the rural poor, rely on cash transactions, according to some political and religious figures, including the controversial Islamic cleric Ahmed Gumi. He warned that any action that could worsen the country’s cash crisis would be disastrous.
On October 30, President Muhammadu Buhari, however, expressed his support for the CBN’s decision, pointing out that the country would benefit greatly from the new initiative, particularly with regard to its impact on illicit monies.
Buhari claimed that the CBN’s arguments convinced him that “the economy stands to benefit from a reduction in inflation, currency counterfeiting, and the excess cash currently in circulation,” according to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu.
The President said that they did not think the three-month transition period to the new notes was too short.
In the meantime, some Nigerians who spoke with our correspondent on Saturday in Abuja were upbeat that the development would have a positive impact on how the general elections in 2023 would be run.
They claim that attempts by some influential political figures to buy votes in 2023 by stashing billions of Naira in their various homes have failed.
Mr Kenneth Monday, an activist who helped organize the EndSARS protest in Abuja in 2020, told our correspondent that those protesting the apex bank’s decision should be treated as suspects and kept under surveillance.
They sold their homes to banks because the money was obtained illegally, he claimed. Most of them are currently sobbing. They intended to use the money to buy votes as usual despite the fact that they are aware it cannot be accounted for and the bank cannot track it.
“With the CBN move, you have to deposit the money you obtained illegally into the bank, or the cash is useless. The upcoming elections will benefit from this as they might not be fair otherwise.
As previously reported by DAILY POST, the Economic and Financial Crimes Commission (EFCC) revealed on Thursday that several active governors had been put under surveillance for hidden Naira notes.
Abdulrasheed Bawa, the head of the anti-graft agency, revealed this while taking questions from reporters after meeting with President Muhammadu Buhari at the presidential villa in Abuja. Earlier, Bawa had raised concerns that three governors who had money hidden in their homes in Abuja intended to pay employees in cash.
A Chieftain of the Labour Party in Abuja who begged not to be named in the conversation claimed that the CBN’s action would have an impact on some presidential candidates who had been charged with financial crimes.
“Some Bullion Vans are now empty as a result of the CBN. These bad leaders came to power thanks to the Bullion Van, which was also used to rig elections in the past.
We all know that some presidential candidates will need to find another way to rig the election if the Federal Government is sincere about the Naira issue because they might not have enough money to use the Bullion Van to travel from one polling place to another as usual.
“Everything that is occurring in the nation at this time indicates that God will be active in the 2023 elections. Who knows, Buhari might be taking these actions to guarantee an impartial election. We are reclaiming our nation.
The Daily Post was also informed by a bank source that some politicians who believe in manipulating elections with the use of cash may find it difficult in the next election
He asserts that there is a daily cap on the amount of cash withdrawals that can be made.
He said, “Some of those election riggers who use money may find it difficult in the next election if the government actually wants to do things the right way.
“The BVN allows for the monitoring of all withdrawals. There is a cap on the amount that can be taken out of both personal and business accounts. The CBN and EFCC have more work to do if the problem of hiding Naira notes is to be resolved.