Nigerians have been reassured by a coalition of political parties and Ethnic Youth Leaders that the Central Bank of Nigeria’s proposed new currency notes will aid in halting money laundering, vote buying, ransom taking, and counterfeiting.

At a news conference on Friday in Abuja, the organizations’ conveners gave this guarantee.

Nigerians’ concerns on the CBN’s proposed redesign of the Naira currency notes, which are anticipated to go into circulation on December 15, 2022, were allayed by the organizations.

Instead, Meliga Godwin, the coalition’s convener, and Barr. Kenneth Udeze, the national chairman of Action Alliance, or AA, respectively, hailed the planned redesign of the Naira currency notes as a positive step.

They claim that the CBN has dealt a fatal blow to vote-buyers and money-launderers.

“The CBN Governor, Godwin Emefiele, announced at a press briefing in Abuja that arrangements for the new Naira notes, which will begin circulation from December 15, 2022, have been finalized,” according to a statement that the coalition has jointly signed. He stated that the greatest denominations—the 200, 500, and 1000 notes—would be impacted by the exercise.

We applaud the apex bank’s action since, in recent years, currency counterfeiting has become widespread, money has become a standardized unit of exchange, and criminals have been abusing it. Smugglers and money-laundering firms that introduce fake currency into the banking system have suffered a devastating blow at the hands of the CBN.

Additionally, this approach will increase the amount of money in bank vaults that may be utilized to fund the formal sector for the economy’s benefit. Because vote buys are no longer a factor and security will be much enhanced, it has also increased the likelihood of a free and fair election.

The statement continued, “In general, the advantages of this policy far outweigh the cost of printing the new notes, and we urge all Nigerians to buy in and support the CBN Governor.”