Islamic Group Supports Redesign Of Naira, Gives Condition To CBN

Islamic Group has supported the move by the CBN to redesign the Naira.

 

Muslim Rights Concern, MURIC, has supported the move by the Central Bank of Nigeria (CBN) to redesign the naira.

Also: New Naira Notes: Moghalu Slams Zainab, Advises Emefiele On Implementation

 

Newsonline reportsthat the Islamic human rights organization, however, gave the condition that Arabic Ajami must be inscribed on all naira denominations.

MURIC stated this in a statement issued on Tuesday by the group’s director, Professor Ishaq Akintola.

 

The statement reads in part: “The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced on October 26 2022, the plan by the CBN to redesign the naira.

“MURIC hereby expresses its support for the project with the proviso that all the denominations must contain Arabic inscriptions just as they had been before Arabic Ajami was conspiratorially and unjustly removed from some denominations.”

 

MURIC insisted that the removal of Arabic Ajami from naira notes in the past provoked Muslims and caused division within the country, adding that only its return to all denominations can heal the wound.

According to the Islamic group, in 2005, ex-President Olusegun Obasanjo fired the first salvo against the naira note during his eight-year rule as a civilian president (1999–2007). Obasanjo removed the Arabic Ajami from 5, 10, 20 and 50 naira denominations.

 

It added that ex-President Goodluck Jonathan also took the cue from Obasanjo by removing Arabic Ajami from the 100 naira note when he discharged the commemorative centenary banknote on December 19, 2014.

This online news platform recalls that President, Muhammadu Buhari, on Sunday, gave his support for the decision of the Central Bank of Nigeria to launch new designs and replace high value Naira notes.

 

Buhari noted that the nation would gain a lot by the new initiative, especially its impact on illicit monies.

Newsonline also noted that The Central Bank of Nigeria, on October 26, announced its decision to redesign new N200, N500 and N1000 notes by December 15, 2022.

 

According to the CBN, the existing notes would cease to be regarded as legal tender by January 31, 2023.

Explaining the development, CBN Governor, Dr Godwin Emefiele, lamented that 85 per cent of the currency in circulation is being hoarded by Nigerians.

 

He urged Nigerians to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.