The Chairman of the Economic and Financial Crimes Commission (EFCC), AbdulRasheed Bawa, on Thursday, welcomed the planned redesign of Naira notes by the Central Bank of Nigeria (CBN).
The CBN Governor, Godwin Emefiele, announced on Wednesday that the N200, N500, and N1000 notes would be redesigned effective from December 15.
Bawa, who addressed journalists after defending the EFCC’s 2023 budget before the Senate Committee on Anti-Corruption, said the move would help to check the use of funds to influence the outcome of the 2023 general elections.
He stressed that with the redesigning of the Naira notes, the CBN would regain control of the currencies in circulation, and equally checkmate those who are holding back monies illegitimately.
Bawa said: “We welcome the policy. It is a good thing that the country is redesigning its currency because it is difficult to have an effective monetary policy when you don’t have control over 85 percent of your currencies.
“Out there, people are holding it, people are using it to speculate on foreign currencies, and so coming out with this policy, the government is trying to contend with it. I am sure that we will be able to monitor those people that are holding back this money whether legitimately or illegitimately and the right cause of the law will take its course.
We will continue to do what we have to do. We are trying to ensure that illegitimate funds are not finding their way into our electoral processes.
“I want to use this opportunity to thank the National Assembly for their support as EFCC chairman, particularly the anti-corruption committee. They have been with us 100 percent. You remember recently they have worked with us to pass landmark acts and legislations and the president had assented to it.”