Naira Notes Redesign ‘ll Bring ₦2tn Into Economy: NACCIMA President
The National Association of Chambers of Commerce, Industry, and Agriculture on Thursday threw its weight behind the ongoing Naira notes redesigning exercise, stating that it would bring into the economy N2tn cash currently outside it.
The President of the association, Ide John Udeagbala stated this support while making remarks at the annual workshop|awards organised in Lagos by the Commerce and Industry Correspondents Association of Nigeria (CICAN).
Recall that the Governor, of the Central Bank of Nigeria, Godwin Emefiele, recently announced that three naira notes ₦200, ₦500 and ₦1000 would be redesigned and released on December 15, 2022 but both the old notes of the denominations and new ones would still be tenable until 31st January 2023.
He urged Nigerians to use the window to change their old notes through the banks.
While he said the move was long overdue Udeagbala noted that when the redesigned notes are released it would curb crime, and the ₦2tn cash outside the economy would be brought in, making more loans available to the manufacturers.
He said this would give manufacturers rooms to access loans at a more cheaper rates.
He said, “NACCIMA is in support of redesigning of naira notes because it’s long overdue. This will help our economy and also reduce crime. Though the time is short, the security and the presidency know the reason.
“It is going to help our economy by bringing in ₦2tn cash that are currently outside the economy stashed away in banks, dry septic tanks and other places.
Udeagbala also expressed worry of exodus of Nigerian youths to Europe and others western countries in recent time, warning that the government should stem the trend.
He said there is the need to reactivate technical and vocational education with the government going into synergy with manufacturers who have training workshops.
He added that this could be achieved through the Federal and State Ministries of Education partnering with these manufacturers in offering technical and vocational training to the teeming Nigerian youths thus making them skilled in different vocations, and curbing unemployment.
He explained that the government should ensure the validation and certification for graduates of such training to enable them to practise their vocations both within and outside the country.
He equally stated, “We must go back to the drawing board and ensure our vocational schools work because it is important. Government must come up with a curriculum for vocational schools.
“Government is behaving as if Tertiary Education Trust Fund (TETFUND)is for universities alone.
We have advised the government to also make part of this money available for the establishment of technical and vocational training centres.
“The government could also partner with manufacturers that have training workshops for skill acquisition to training our youths in technical education. They should also ensure the validation and certification of such training.”
