group of ethnic youth leaders and lawyers have praised President Muhammadu buhari and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for their insistence that the old N200, N500, and N1,000 currency notes be demonetized as of January 31, 2023.
Immediately after Tuesday’s meeting of the CBN’s Monetary Policy Committee (MPC) in Abuja, the CBN Governor restated the position of the central bank.
That deadline, Emefiele stressed, would not be extended, and ample notice had been provided for Nigerians to exchange their old Naira notes for new ones with a fresh design by January 31.
While applauding the CBN’s decision, the organizations stated Tuesday in a joint statement issued by Arewa Youths leader Mallam Kabiru Yusuf that abduction and ransom-taking have decreased since the redesign of the three higher bills.
Despite pressure from robbers of the common Treasury, buhari and Emefiele said the organizations have stood up for the public interest.
Those polled said this would make it harder for criminals to launder cash, purchase elections, kidnap people, and produce fake goods.
“The CBN’s decision not to extend the deadline for exchanging old naira notes has dealt a fatal blow to money launderers and kidnappers,” the statement continues.