Naira design: Our people lives in remote location, need more time -Miyetti Allah

From Fred Ezeh, Abuja

Miyetti Allah Kautal Hore, a Fulani Socio-cultural Association, has thrown its support behind the plan by the Central Bank of Nigeria (CBN) to redesign the Naira notes, notably, 200, 500 and 1,000, being used as legal tender in Nigeria.

The Association also agreed with reasons highlighted by the CBN for such action, but appealed that the interest of all class of people in the society and relevant stakeholders be considered in the decision particularly as regards the time frame for all notes to be submitted to commercial banks.

National Secretary of the Association, Saleh Alhassan, in a statement, on Wednesday, said the time frame provided by the CBN is short and should be extended to at least six months, to accommodate the interest of all parties particularly the people at rural communities who might neither have bank accounts nor access to the commercial banks.

He said: “We support the redesigning of Naira notes as envisaged by the CBN but more time is needed for the transition period so that those in the rural areas, particularly pastoralists that do not have access to banks can be able to adapt to the new policy regime.

“The grace period is too short for our people who are majorly pastoralists and live in remote locations. Most of them are unaware of this policy at this time. So, they need more time to dilute the information and know how to go about it.

“Evidently, most of them neither have bank accounts nor visit the commercial banks for purpose of financial transactions. Many of them still prefer to keep their money at home or uses other means to save their wealth.”

Recall that few days ago, the CBN disclosed that plans were afoot to unveil new redenominated naira notes by December 15th this year, thus asking depositors to hit the commercial banks to exchange their old currencies for the new ones before the January 31st, 2023 expiration date.

The recent decision of the CBN, however, generated reactions from different sections of the society, but the the CBN Governor, Godwin Emefiele, insisted that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.