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    • Updated: October 27, 2022

    Naira Redesign: Why CBN's Move Is A Good Idea — Reno Omokri

    Naira Redesign: Why CBN's Move Is A Good Idea — Reno Omokr

    Amid the varied reactions trailing the plan by the Central Bank of Nigeria (CBN) to redesign the 200, 500, and 1,000 naira notes, Reno Omokri has stated why the move is a good one.

    Speaking via his official Instagram account, the outspoken author stated that the change will render the billions in the hands of kidnappers and bandits useless.

    Commending CBN Governor Godwin Emefiele, Omokri said that his job is a tough one and that he is being erroneously blamed for the collapse of the naira.

    According to him, none of what is happening to the naira is Emefiele's fault.

    "I actually think the redesign of the Naira is a very good idea.

    "Kidnappers, bandits and many corrupt elements have stockpiles of Naira that they can’t bank.

    "This change will render their billions useless. The pound and dollar have been redesigned multiple times. On this, Emefiele did well!

    "His job is very tough. Many people erroneously blame the collapse on the Naira on him.

    "But the devaluation of the Naira is due to Nigeria’s high debt-to-revenue ratio, and low balance of trade position, which are not his responsibility.

    "If he is sacked, chances are that his replacement won’t be any better. The finance ministry makes the borrowing decisions.

    "This policy will work because the Money Laundering Act limits the amount of cash you can deposit in a bank.

    "It also prohibits banks from changing cash from customers who do not have an account.

    "Additionally, when a country relies on foreign countries to educate and medicate its own citizens, its currency can never be strong.

    "The UK issued less than 9,000 student visas to Nigerians in 2019/20. But this year, with ASUU on indefinite strike, they issued almost 66,000 student visas to Nigerians.

    "If you assume that each student needs about £50,000 annually (tuition, boarding, tickets, health, upkeep, etc), that means as a country, we will need to send extra £2.85 billion per year! Now that’s just the UK only!

    "None of that is Emefiele’s fault!", Omokri penned.

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     

    A post shared by Reno Omokri (@renoomokri)

     

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