Naira Redesign Curbs Corruption and Terrorist Financing – Sani

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Kaduna Central Senator Uba Sani, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, said Naira redesign would curb domestic corruption and terrorist financing.
Sani said in a statement released to his Kaduna Press on Thursday.
The Nigerian Senate on Wednesday passed a resolution legally backing a plan by the Central Bank of Nigeria to change the design of the naira banknotes in circulation.
The motion, titled “CBN Redesigning New Naira Notes: Call for
Legislative Support,” aims to make monetary policy decision-making easier, thereby demonstrating that withdrawing cash out of banks is good for the economy. discovered.
This motion led to a tumultuous session in the upper chamber.
However, after a turbulent session, the Senate proposed legislation to support the policy.
also mandated the Senate Committee on Banking and Financial Institutions to continue oversight to ensure that Nigerians are adequately protected from CBN, banks and other authorities involved in the process . Describing the content of Motion
, Sani proved in his statement that more than 80% of the naira notes are stored outside banks, based on the arguments and reasoning of his colleagues. said. Senators pointed out that the motion aims to checkmate counterfeit notes from the long-term use of the same notes.
“A reduction in paper money, especially outside the banking system, would limit terrorist financing. Similarly, the less cash available outside the banking system, the less corruption generated by cash exchanges,” he said.
According to him, the Senate has consequently decided to legislate CBN policy to redesign the higher denomination Naira banknotes.
“he also decided to direct my committee to actively monitor the currency restructuring process and ensure the protection of Nigerians during the process,” he added. Sani, who is also a governorship candidate of the All Progressives congress in Kaduna state urged Nigerians to follow CBN’s policy of depositing any cash they have in their respective commercial banks.
“We also ask the Senate to uphold the CBN’s decision, considering the above benefits of currency conversion for the country,” he added.

Samuel Alexander

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