Sowore Says CBN Governor Be Sacked Over Redesign Of 200, 500, And 1000 Naira Notes 

The CBN Bossrecommended that Nigerians swap their old notes for fresh ones at banks.

By Omotayo Olutekunbi

Omoyele Sowore, the African Action Congress’ nominee for president, has demanded the dismissal of Godwin Emefiele, the governor of the Central Bank of Nigeria, for the redesign of banknotes.

The freshly redesigned N200, N500, and N1000 notes will begin to circulate in December 2022, according to prior statements from the apex bank.

The Federal Government submitted a request, according to Emefiele, who announced on Wednesday afternoon during a special briefing, for a redesign of the naira notes.

The CBN chief recommended Nigerians swap their old notes for new ones at their local banks, explaining that this was done to regain control over the available currency.

He says that the CBN would not tolerate the scenario continuing in which the majority of the country’s currency notes are kept outside bank vaults.

“To be more specific, as of the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public,” he said.

“Currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”

Sowore, on the other hand, blasted the CBN governor in a tweet on his verified Twitter account, highlighting the fact that the central bank wants to redesign banknotes rather than increase the value of the Naira.

“Central Bank of Nigeria to redesign banknotes 200, 500 and 1000 notes instead of boosting the value of the Naira. Jokers!

“Me: It is time to fire the CBN Governor, Emefiele. #WeCantContinueLikeThis,” Sowore wrote.