Emefiele don justify naira redesign, hin accuse politicians of mop-up
Di Governor, Central Bank of Nigeria, Godwin Emefiele, on Tuesday yarn say hin conduct extensive in-house analysis and consultation and hin see di need for di policy to redesign some Nigerian banknotes. While Emefiele give reasons for some of di challenges wey dey encountered in new naira notes access, he yarn say panic mop-up of notes by politicians na hin make di matter be like this now.
Emefiele tok am during brief to di diplomatic community on recent monetary policy decisions of di CBN for di Ministry of Foreign Affairs wey dey Abuja.
He yarn say Currency management na key function of di Central Bank of Nigeria, as dem state for di Section 2(b) of di CBN Act 2007. Indeed, di integrity of local legal tender, di efficiency of di supply, as well as di efficacy for di conduct of monetary policy na some of the hallmarks of a great Central Bank.
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According to Emefiele, “Due to stubborn challenges wey dey attack di currency management for Nigeria and undermining di sovereign integrity, di CBN conducted extensive in house analysis and consultation wey suggest di need for di policy to redesign some Nigerian banknotes.”
He add say, “di CBN also notice say some politicians dey mop-up notes, dem dey buy di new notes and dem dey store them for political purposes.”
According to wetin hin talk, the principal aim, with di currency redesign initiative, na to make di monetary policy decisions more effective.
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