Nigeria Is The Only Country In The World That Uses Three Different Naira Notes With Same Value –Agberen

By Daniel Dafe

Comr.(Amb) Derrick Oritsematosan Agberen, National Coordinator, Initiative For Social Rights Concerns And Advancement (ISRCA) AKA “No Justice, No Peace” has said that “Nigeria is the only country in the world that uses three different Naira notes that have the same values.

Comrade Agberen who said this in a statement on Monday, added that “pitifully, the Central Bank of Nigeria (CBN) says it spent N96.46 billion on printing the new ₦1,000, ₦500 and ₦200 banknotes, under Ex-CBN Governor, Godwin Emefiele, which unfortunately was not circulated.”

He continued: “One would have expected Dr. Olayemi Michael Cardoso, the current Governor of the Central Bank of Nigeria(CBN), who had commenced his tenure on October 5, 2023, to have withdrawn either of the currencies with directive from the Presidency but yet, this as abnormality have continued.

“Considering the banknotes redesign, there were no major changes on its note, as there were only switches in colours, between the ₦200 note and that of the ₦500. This has made traders and business owners as well as Nigerians, transact the wrong currency thinking it were the right values, as they have been used to the previous banknotes colours.”

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Furthermore, he said: “Unfortunately, the Nigeria’s controversial redesign policy, never met its objectives. The new notes were supposed to help curb corruption and currency fraud, tackle the growing menace of kidnapping for ransom, lower inflation and address the problem of having too much money in circulation. Instead, it resulted to cash shortages and economic difficulties for Nigerians who rely on cash and further gave opportunities to loot and embezzle more funds.

“Surprisingly, kidnappers, terrorists and herdsmen in the North were the first to have received the recently printed currencies, depriving its circulations from getting to the people. Today, its purposes have been completely defeated, hence it becomes imperative for the Federal Government to withdraw either of the Naira notes from circulations, ending the use of either notes.”