HomeFINANCEBANKING & FINANCENGF Forms Committee To Collaborate With CBN On New Naira Notes

NGF Forms Committee To Collaborate With CBN On New Naira Notes

Published on

-Advertisement-

A six-member committee led by former Central Bank of Nigeria (CBN) Governor and incumbent Anambra State Governor, Professor Chukwuma Soludo, has been set up by the Nigeria Governors’ Forum (NGF) to help resolve issues over the nation’s redesigned currency notes, among other monetary matters.

The committee is expected to engage the CBN to constructively address anomalies in the country’s monetary management and financial system.

The forum disclosed this in a communique issued on Saturday at the end of its virtual meeting held with the CBN Governor, Mr Godwin Emefiele, on Thursday night.

The committee, according to the communique signed by the NGF Chairman, Sokoto State Governor Aminu Tambuwal, which is chaired by the Anambra State Chief Executive, also has the governors of Akwa Ibom, Ogun, Borno, Plateau and Jigawa states, respectively, as members.

Instructively, membership of the committee was strategically composed to reflect Nigeria’s six geopolitical zones.

With Soludo representing the South-East, the other five geopolitical zones are represented in the committee as follows: Akwa Ibom State Governor Udom Emmanuel, South-South; Ogun State Governor Dapo Abiodun, South-West; Plateau State Governor Simon Lalong, North-Central; Borno State Governor Babagana Zulum, North- East; and Jigawa State Governor Mohammed Badaru Abubakar, North-West.

The governors rose from their meeting with the CBN Governor, pointing out that, while they were not opposed to the objectives of the Naira redesign policy, the apex bank should consider the peculiarities of households and states, especially pertaining to financial inclusion and under-served locations.

The communique stated: “We, the members of the NGF, received a briefing from the Governor of the CBN, Emefiele, on the Naira redesign, its economic and security implications including the new withdrawal policy.

“Governors are not opposed to the objectives of the Naira redesign policy.

“However, we observe that there are huge challenges that remain problematic to the Nigerian populace.

“In the circumstances, governors expressed the need for the CBN to consider the peculiarities of states especially as they pertained to financial inclusion and under-served locations.”

The governors resolve to work closely with the CBN leadership to ameliorate areas that required policy variation, particularly the poorest households, the vulnerable in society and several other Nigerians that were excluded.

The governors also resolved to collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of the laws, even as the NGF insisted that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.

-All Rights Reserved-
Permission to use any material, including text, still photograph, audio and video from this site is granted subject to permission being formally sought and, if granted, appropriate credit must duly be given to The News Room as the source.

Latest articles

Remmy Nweke has joined the NIRA BoT

Mr. Remmy Nweke, Lead Consulting Strategist and Group Executive Editor of ITREALMS Media Group,...

Ten faces behind Nigeria’s expanding fashion footprint

Despite a difficult business environment, Nigeria has generated designers and entrepreneurs who are helping to put the country on the map.

May Day: It is ‘wickedness’ for the government to owe workers and pensioners – PDP chieftain

Dotun Babayemi, a Peoples Democratic Party (PDP) chairman in Osun, has asked for increased benefit packages for workers in order to incentivize them to perform best.

UFC to host first African fight in Senegal, ignores Nigeria over lack of infrastructure

Due to a lack of infrastructure, the Ultimate Fighting Championship (UFC), an American mixed martial arts (MMA) promotion, has passed up Nigeria as the likely first African country to host a combat event, with Senegal emerging as the leader to hold what would be a historic event.

More like this

Remmy Nweke has joined the NIRA BoT

Mr. Remmy Nweke, Lead Consulting Strategist and Group Executive Editor of ITREALMS Media Group,...

Ten faces behind Nigeria’s expanding fashion footprint

Despite a difficult business environment, Nigeria has generated designers and entrepreneurs who are helping to put the country on the map.

May Day: It is ‘wickedness’ for the government to owe workers and pensioners – PDP chieftain

Dotun Babayemi, a Peoples Democratic Party (PDP) chairman in Osun, has asked for increased benefit packages for workers in order to incentivize them to perform best.