Governors Form CBN-related Committee

A six-member committee has been established by the Nigeria Governors’ Forum (NGF) to work with the Central Bank of Nigeria (CBN) to address issues with the nation’s monetary and financial systems.

The forum revealed this in a statement released on Saturday after its virtual meeting with Mr. Godwin Emefiele, the governor of the Central Bank of Nigeria, on Thursday evening.

The group is headed by Governor of Anambra State, Prof. Charles Soludo, and includes the governors of Akwa Ibom, Ogun, Borno, Plateau, and Jigawa states, according to the communiqué signed by NGF Chairman, Governor Aminu Tambuwal of Sokoto State.

The governors said that while they supported the goals of the Naira redesign strategy, the apex bank should take into account the unique characteristics of families and states, particularly with regard to financial inclusion and underserved areas.

“The Governor of the CBN, Emefiele, briefed us, the members of the NGF, on the redesign of the naira, its implications for economics and security, particularly the new withdrawal policy.

“Governors are not against the goals of the strategy to redesign the naira.

“However, we note that the Nigerian people continue to face significant problems.

In light of the situation, governors stressed the necessity for the CBN to take into account the unique characteristics of each state, particularly with regard to financial inclusion and underserved areas.

The governors reaffirmed their commitment to collaborating closely with the CBN leadership to change policies in areas that needed improvement, notably those that impacted the poorest families, the most vulnerable members of society, and a number of other excluded Nigerians.

Additionally, the governors agreed to work with the CBN and the Nigerian Financial Intelligence Unit (NFIU) to advance legitimate goals within the bounds of the law.

The NFIU’s recent advisory and guidelines on cash transactions, they maintained, were simply beyond of the organization’s legal purview and mission.