NACCIMA throws weight behind CBN over Naira redesign


… Says move will refloat Nigerian economy

The National Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA has lend its support to the Central Bank of Nigeria, CBN over plans to redesign the Nigerian currency, Naira.

The President, NACCIMA, Ide John C. Udeagbala who made this known in his remarks at the 2022 Annual Workshop and Award ceremony organized by the Commerce and Industry Correspondents Association of Nigeria, CICAN in Lagos yesterday, posited that the move was long overdue.

“NACCIMA is in total support of the currency change. I am not here to give you all the details but it’s long overdue, over the past five to ten years”, he said.

While insisting that the CBN should go ahead with the Naira redesign as it would help the economy, Udeagbala maintained that about two trillion naira in cash were outside the banking sector inside the tanks, underground and elsewhere.

“I want you to close your eyes and ask if that two trillion naira is injected back into our banking system. If it is injected back into the system, bank is supposed to give you loan at a cheaper rate. You will never send our little girls into prostitution.

“So, when you get back those funds into the banking system, we will refloat our economy and banks will give more money. Secondly, crime will reduce. All the agencies will be able to monitor it and transfer and electronic transfer will work and our economy will work better. It is long overdue”, NACCIMA boss further stated.

Speaking on the cost of printing the redesigned Naira notes, Udeagbala said, “I say the cost does not matter given that every currency that is properly treated has between five years and ten years lifespan. So, amortization of that ten years will take care of that cost. If you print a particular line of currency, its lifespan, if it is not outside the banking system will last for more than five years. So, within the next five years, you don’t have any need to print new ones.”

Arguing that the Britain had redesigned the 20 Pounds twice in the last five years, he, however, revealed that the 50 pounds was recently introduced into the system.

On the short period allowed by the CBN for the withdrawal of the old currency, the NACCIMA boss said, “the time is short but I won’t tell you why the time is short, I think the security agencies and the Presidency know why the time is short. I don’t really know the reason.”

Recall that the Governor, of the Central Bank of Nigeria, Godwin Emefiele, recently announced that three naira notes namely: ₦200, ₦500 and ₦1000 would be redesigned and released on December 15, 2022 adding that both the old notes of the denominations and new ones would still be tenable until 31st January, 2023.

Emefiele urged Nigerians to use the window to change their old notes through the banks.

Photo: Ide John C. Udeagbala, President, NACCIMA.

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