Politicians Mounting Pressure On CBN To Postpone Deadline For Withdrawal Of Old Notes—Group

Civil Societies Organisations in Nigeria are accusing politicians of plot to pressure the Central Bank of Nigeria to shift the deadline of withdrawal of N1,000, N500 and N200 notes in circulation.

The Coalitions of Nigeria Ethnic Nationalities Youth Leaders’ Council (NENYLC) and leaders of political parties raised the alarm on Friday during the press conference on new bank notes organised in Abuja.

The development is coming few days after the CBN announced the withdrawal of N200, N500 and N1,000 by January 31, 2022.

CBN had raised concerns that 85 per cent of the N3.2trn in circulation are being hoarded by individuals.
It said new designs of the affected notes will begin circulation by December 15, 2022.

But Godwin Menega, the convener of the NENYLC made the accusation during his speech saying the withdrawal will “Aid in the conduct of free and fair election as politicians who have stashed billions and millions of the current naira notes for the purpose of vote buying and other unlawful activities in this season cannot have cash to do this.”

He said public servants will have limited access to cash to loot.

“It is on this note that we passionately call on the Central Bank of Nigeria not to shift the deadline date of 31st of January, 2023. We are aware that certain politicians will begin to put pressure on the bank to shift the date so that they can have money for vote buying in the election. But we enjoin the bank to resist all such pleads when they come and enforce the date already announced to the public.

“Nigerians are therefore called upon to be vigilant about those who want to make huge cash transaction with them now, so that they do not fall pray of counterfeiters. We believe that laundering of money will largely reduce if not eliminated as the new notes will be coming with intendant monitoring and tracking system,” he added.

The convener of the NENYLC also accused politicians and public office holders of hiding stolen funds in their tanks and unoccupied houses.

He noted that, “It is now time for Nigerians to now rally round and support Mr. Godwin Emefiele to see that unscrupulous elements do not take advantage of the times to misinform the people to reject the policy that in multiple ways is for our general benefit.

“We have already observed that the presidential candidate of one of the political parties without adequate information and appropriate analysis of the policy has rushed to the press to make call for the sack of the CBN Governor.”

Kenneth Udenze, National President of Action Alliance who represented political parties said the implication is that all the cash hoarded by politicians will find their way into the bank vault.

Udeze said, ” “We call on all security agencies to be vigilant in identifying politicians who have questions to answer when they go to return their billions which they cannot explain their sources.

“Whistleblowers should also be on the lookout because, money tanks private vaults and cases where naira has been stashed in the past will be open very soon.

“We urged him (Godwin Emefiele) never to rest and we declare that by this singular move, he has deservedly become one of the heroes of 2023 General Election.

“It is our expectations also that haven obtained the approval of the president to implement this very laudable policy, the ruling party makes a commitment not to put pressure on the leadership of the apex bank to alter the deadline as it will go to the root kif the integrity of the election and the validity of the result which emerge from it.”

He advised the apex bank not to relent on its January 31 deadline.