Pastor Enoch Adeboye of the Redeemed Christian Church Of God (RCCG), has queried the Central Bank of Nigeria (CBN), over its decision to redesign some naira notes.
As reported on BizWatch Nigeria, Emefiele, in a statement, disclosed that the redesigning of N100, N200, N500, and N1,000 notes would be launched on Thursday, December 15, 2022.
Highlighting why it is making the move to change the notes, Emefiele explained that “hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; Worsening shortage of clean and fit banknotes with the attendant negative perception of the CBN and increased risk to financial stability, and Increasing ease and risk of counterfeiting evidenced by several security reports.”
According to the central bank chief, even though global best practise requires it to redesign, produce and circulate new local legal tender every 5–8 years, naira has not been redesigned in the last 20 years.
The financial regulator also noted that it has recorded significantly higher rates of counterfeiting, especially at the higher denominations of N500 and N1,000 banknotes.
Mocking CBN’s disclosed plan to redesign the aforementioned banknotes, Adeboye, in his sermon during the church’s November Holy Ghost Service with the theme, ‘Let It Rain’, wondered that the President Muhammadu Buhari-led government is planning to redesign the naira when people are hungry and looking for money.
“Do you know what is going on in our country? It doesn’t make sense anymore. Our Naira now, it is not even worth the paper it is printed on.
“And while people are hungry, trying to find enough money to buy bread to eat, our bosses are thinking of making the Naira more beautiful,” he stated.
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