Mischief Makers Trying To Use 2022 Memo To Blackmail Acting CBN Governor

Indications have emerged that some mischief makers are trying to use a Central Bank of Nigeria 2022 memo on the redesign of the naira to blackmail the current Acting CBN Governor, Folashodun Shonubi.

The mischief makers are claiming that the memo which was written in August last year was the brain child of Shonubi who at the time was the Deputy Governor in charge of operations at the apex bank.

But checks by THE WHISTLER showed that the content of the memo is being manipulated to suit the narrative that the current acting CBN Boss was the brain behind the policy whose implementation caused challenges for the economy.

Checks by THE WHISTLER showed that in the memo, Shonubi had called for a complete redesign, not a colour change.

The redesigned naira notes had assisted to reduce the cost of cash management in Nigeria.

The redesigned note was unveiled by former President Muhammadu Buhari on November 23, consisting of N200, N500 and N1,000 respectively.

The redesigning the current N200, N500 and N1,000 banknotes assisted to reduce the cost of cash management, reduce volume of cash in circulation, disrupt counterfeiting activities and enhance adoption of digital/electronic transaction channels.

The memo states that currency management is a key function of a Central Bank and the integrity of the currency and efficient supply of banknotes are indicators of a
performing central bank, especially in predominantly cash-based economies such as Nigeria.

It added that in the eyes of the public, this function should be efficient, meet demand and present minimal issue.

In recent times. currency management in Nigeria had faced series of interwoven challenges that have affected the ability of the apex bank to efficiently carry out its mandate of issuing legal tender such as provision of an adequate volume of clean banknotes in the right denominational mix for members of the public.

The challenges, the memo stated have continued to grow in scale with observation with attendant consequences on the Bank’s reputation, if left unaddressed.