A group, New Generation Lawyers Federation has called on Nigerians in all fields of endeavor to support the Central Bank of Nigeria (CBN) in actualizing its resolve to replace the200, 500, and 1000 denominations of the currency with new designs saying the move is in the overall interest of the nation and its citizens.
According to the group, the concern expressed by the apex bank that large amounts of money outside the banking system, which is estimated at 80 per cent of the total money in circulation should worry all sane citizens as it portends danger for the economy.
Addressing a press conference in Abuja, coordinator of the Federation, Barr. Tsembelee Sorkaa expressed satisfaction that the CBN was working to address the initial hitches experienced as deadline given for the old notes to seize being legal tender.
Recall that despite the extension by the CBN that old naira be used for transactions to February 10, many Automated Teller Machines (ATMs) are not dispensing the new notes, this the Federation said requires cooperation from banks and other stakeholders.
“It is pertinent to note that already security agencies have identified some bank officials who are sabotaging the efforts of the CBN by hoarding the new notes in their vaults.
“We want to call on the National Assembly and all other tiers of government to support the CBN in this noble cause. We all desire a safe and prosperous country and should all stand to encourage causes that seek to make our country a better place for all. It is not rocket science for the unbanked population to be brought on board. This is where all opinion leaders, traditional, religious and political leaders have a role to play in creating awareness on the need to embrace formal finance sector.
“The advantages of a cashless economy as enumerated by the CBN far outweighs initial challenges been faced at the moment. Beneath the veneer of currency management challenges, the move is part of a broader effort to contain excessive election spending and mop up black money in the system. We are witnesses to the role money has played in our electoral system.
“The National Assembly has done its beat by probing the CBN to ensure that the average citizen does not lose money nor suffer unnecessary as a result of the redesigning of the currency. It is now incumbent to support the apex bank in curbing the various ills the policy seeks to be achieve”, the group added.
