Group tasks FG to withdraw redesigned Naira from circulation for failing its target

A group, Initiative For Social Rights Concerns And Advancement(ISRCA)
AKA “No Justice, No Peace” has tasked the Federal Government to withdraw the redesigned Naira notes for  its failure in serving the needs of Nigerians.

According to the group, whereas one of the reasons the note was redesigned to deprive kidnappers and other unscrupulous elements  access to the money to avoid carrying out their heinous activities, it was kidnappers, terrorists and herdsmen were the first to receive  currencies as this  deprives its  circulations from to the  people.

ISRCA National Coordinator, Comrade.(Amb) Derrick Oritsematosan Agberen made this known in a statement sent to Our Correspondent in Warri. 

The group urged the President Bola Ahmed Tinubu's led Federal Government to as a matter of urgency to withdraw new Naira from circulation saying that it is only in  Nigeria out of the countries in the world that uses three(3) different Naira notes that have the same values.

The group said:" "Nigeria is the only country in the world that uses three(3) different Naira notes that have the same values. This shows  how disorganized and unreasonable the Nigerian leaders are."

According to the group, "Pitifully, the Central Bank of Nigeria(CBN) says it spent N96.46 billion on printing the new ₦1,000, ₦500 and ₦200 banknotes, under Ex-CBN Gov. Godwin Emefiele, which unfortunately wasn’t circulated. 

"One would have expected Dr. Olayemi Michael Cardoso, the current Governor of the Central Bank of Nigeria(CBN), who had commenced his tenure on October 5, 2023, to have withdrawn either of the currencies with directive from the Presidency but yet, this as abnormality has continued. 

"Considering the banknotes redesign, there are no major changes on the notes , as there are  only changes  in colours: between  the ₦200 note and that of the ₦500. This has made traders and business owners as well as Nigerians, transact  the wrong currency thinking, it were the right values, as they’ve been used to the previous banknotes colours.

"Unfortunately, the Nigeria’s controversial redesign policy, never met its objectives. The new notes were supposed to help curb corruption  and currency fraud,  tackle the growing menace of kidnapping  for ransom , tackle  inflation and address the problem of having too much money in circulation. Instead, it resulted into  cash shortages and economic difficulties for Nigerians who rely on cash that further gave  opportunities to looters  and embezzlers for  more funds."