• Latest
  • Trending
BREAKING: CBN to release re-designed Naira notes December

Nigerian Politicians Alleged Move To Stop CBN Fom Redesigning Naira [full report]

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Uzodimma Raises Imo Minimum Wage to ₦104,000

Uzodimma Raises Imo Minimum Wage to ₦104,000

Oyo Deputy Takes Over as Governor Embarks on One-Month Vacation

Oyo Deputy Takes Over as Governor Embarks on One-Month Vacation

Lecturer Punches Female Student  as Fight Erupts [Video]

Lecturer Punches Female Student as Fight Erupts [Video]

AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action

ASUU Issues Ultimatum, Threatens Nationwide Strike

Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show

Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show

JAMB Takes Over Collection Of Registration Fee From CBT Centres To End Extortion

How to Re—Upload WAEC Results on JAMB Portal

Wednesday, August 27, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News

Nigerian Politicians Alleged Move To Stop CBN Fom Redesigning Naira [full report]

by iDeemlawful
November 13, 2022
in Breaking News
A A
0
BREAKING: CBN to release re-designed Naira notes December

Some politicians who stashed billions of Naira outside the banking system to prosecute the 2023 general election have reportedly moved against the planned reintroduction and redesign of Nigeria’s currency by the Central Bank of Nigeria (CBN),

According to a report of ThisDay newspaper on Sunday, November 13, 2022, these politicians have mobilised the National Assembly to pass a resolution against the Naira redesign as several lawmakers may have stockpiled cash for the 2023 general election.

Recall that on October 26, 2022, CBN Governor, Mr. Godwin Emefiele announced the plan to redesign the Naira to control the money supply. The notes to be redesigned include N200, N500, and N1,000.

According to the apex bank, new N200, N500, and N1,000 notes will go into circulation from December 15, while the current notes will cease to be legal tender by January 31, 2023.

SeeThese

Nigerian Banks resume International Transactions on Naira Cards

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

It was gathered that this monetary tool aimed at fighting corruption, checkmating money laundering, eliminating counterfeits, and ending the hoarding of the Naira by kidnappers and others, has thrown politicians who stashed billions of the Nigerian currency ahead of the 2023 general election into confusion.

It is estimated that about 84 per cent of the N12.73 trillion in circulation is outside the banking system, precisely in the hands of corrupt politicians, kidnappers, traders and criminal elements.

These elements, who do not bank their funds, are involved in money laundering and currency round-tripping using the black market as the alternative foreign exchange window.

Investigation revealed that many of the politicians who have perfected plans of rigging next year’s election through vote-buying and had stock-pilled the Naira in their houses, offices and other hidden places, have perfected plans to ambush this apex bank’s initiative, which has received accolades from President Muhammadu Buhari and financial and economic experts.

It was gathered that these politicians who feared that they might not return billions of Naira into the banking system within the three months – November 2022 to January 2023 specified by the CBN without breaching the Money Laundering Act and attracting the attention of the Economic and Financial Crimes Commission (EFCC), are mobilising some members of the National Assembly to pass a resolution against the Naira redesign.

Multiple sources close to the federal lawmakers on Saturday, November 12, 2022, stated that these politicians want the National Assembly to pass a resolution directing the CBN to shift the Naira redesign till after the 2023 general election.

“These politicians are believed to have kept large amounts of cash in their houses and other hidden places and they believe that three months will be too short for them to return these funds to the banks without being indicted by the EFCC for money laundering and other related crimes,” one of the sources said.

To show that the policy has his firm backing, President Buhari had last Wednesday declared that there was no going back on the planned redesign of the bank notes and that three months was enough for Nigerians to deposit the current notes at the banks.

He had also vowed that politicians won’t be allowed to mobilise resources and thugs to intimidate voters in the 2023 general election.

The president, who made this known recently in an interview in the United Kingdom after meeting with His Royal Majesty, King Charles III in Buckingham Palace, also said enough time had been given by the CBN for Nigerians to deposit the present naira notes at banks in exchange for the newly redesigned ones.

“On this change of currency, there will be a lot of money but time has been given from October to December, three months is enough for whatever money you have, to get it changed through the legal system.

“So, I don’t know why people are complaining about it,” the president said.
He also said the policy announced by the CBN Governor, Emefiele, has come to stay.
“No going back,” Buhari said of the decision to redesign the three naira notes. “My aim is to make sure that Nigerians believe that we respect them as an administration.

“So, Nigerians should vote for whoever they like from whichever political party. Nobody will be allowed to mobilise resources and thugs to intimidate people in any constituency. That is what I want to go down in Nigerian history as a leader.”

It will however require the strong backing of President Buhari for the CBN to resist any moves by federal lawmakers to truncate the deployment of this monetary tool

Tags: iPadNaira
Share196Tweet123SendShare
Previous Post

Netflix Sets Date To Launch New Nigerian Series “Far From Home”

Next Post

ASUU Declares Lecture-Free Day To Protest Half-Salary Payment

iDeemlawful

iDeemlawful

Next Read

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]
Breaking News

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

...

Read more
AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action
Breaking News

ASUU Issues Ultimatum, Threatens Nationwide Strike

...

Read more
Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show
Breaking News

Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show

...

Read more
11, 629 Teachers Sit for professional examination
Breaking News

JAMB Orders Re-Upload of WAEC Results

...

Read more
50-Year-Old Widow Fakes Pregnancy to Smuggle Cocaine
Breaking News

50-Year-Old Widow Fakes Pregnancy to Smuggle Cocaine

...

Read more
15 Die in Kwara road Accident
Breaking News

Pregnant Woman ‘Murdered, Butchered’ by Brother-in-Law in Kwara

...

Read more
‘Why EFCC arrested Ogun assembly speaker’
Breaking News

EFCC Invites CBEX Victims to Lagos, Ibadan Offices

...

Read more
Breaking News

...

Read more
Next Post
Finally, ASUU declares nationwide strike [UPDATED]

ASUU Declares Lecture-Free Day To Protest Half-Salary Payment

Real reason Nigerian govt took Chinese loans – Buhari

Buhari Mourn Dillibe Onyeama

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

THE ESTATE OF HYPOCRITES

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

Elections can be won without amplifying Nigeria’s problems, Fashola, Yakasai advise

Nigerian Students’ Association, NANS Asks University Of Benin To Withdraw Fashola’s Law Certificate For Condemning Protesters

Most Popular

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]
Breaking News

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Uzodimma Raises Imo Minimum Wage to ₦104,000
Featured

Uzodimma Raises Imo Minimum Wage to ₦104,000

Oyo Deputy Takes Over as Governor Embarks on One-Month Vacation
Politics News

Oyo Deputy Takes Over as Governor Embarks on One-Month Vacation

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Copyright © 2019 iDeemlawful.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In