Award Winning Legal Practitioner and grassroot developments activist, Applauds CBN Governor, Tasks Emiefele to Stick with Policy to Redesign Naira Notes. By FAVOUR AUGUSTA EKE

Chief (Barr)(AMB) Ebosetale David Aigbefoh, is a Private Legal Practitioner, and a Product of Multiple discipline.

 He is also  Former Vice Chairman, Nigerian Bar Association,

Gwagwalada Branch, Abuja, in the FCT; and Ex Chairman of “Police Duty Solicitor Scheme” (PDSS).

He is also the *Director of Programmes* of the" *Association of Legislative drafting and advocacy practitioner* of Nigeria operating under the auspices of the National Assembly. 

Indeed, there's no doubt, that he has distinguished himself, as clearly evidenced by the numerous  Awards of Excellences Conferred on him by reputable Security and Safety Schemes.

He's been awarded as “Ambassador of Peace and Security Award” by the National Watch Tabloid; and was also 

conferred with the “Security Watch Ambassador/Patron for Abuja, FCT, Nigeria, 

Similarly, he received the prestigious UNESCO Award on “Child’s Rights and Grassroots Development” in March 2022, in conjunction with the Federal 

Ministry of Education.

Prior to that, precisely On the 4th of December 2021, he also bagged a recognition for his “UNWAVERING COMMITMENT TO AFRICA, from the Group, SALVAGE AFRICA ADVOCACY 

INITIATIVE:

The lawyer was later named in the Sterling, and Chronicle Magazine’s top 20 Nigerian men of Outstanding Integrity and Distinguished National Builders Service Award list for 2022 and also a Research Fellow in partnership with CORNERSTONE UNIVERSITY JERUSALEM ISRAEL.

He is currently the Life Patron and Ambassador for Global Sustainable Development and Poverty Eradication in Nigeria; and has been honoured as the *Best Legislative Author of the year, for 2022.* 

Speaking on the issue of redesigning of some Naira notes, during an executive interview with the Media in Abuja,

he said "...in every nation of the world it's a welcome development". 

He however noted that it's coming in a little bit late.

Nonetheless, he insisted that there is ample need to applaud the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, for a well thought out policy to redesign some Naira Notes, which he said  has so many benefits, not just economic benefits.

According to him, it also has health and security benefits, among other positives.

"Legally, currencies are being redesigned within the space of 10 years and Nigeria has way back designed her currencies, during the time of former CBN Governor Professor Charles Chukwuma Soludo When he redesigned #10, #20, #50 notes, etc from paper to polymer and introduction of#100, #200 and #500 Naira notes.

Endorsing the step taken by the CBN Governor in this direction, he posited that the law empowers him to make monetary policies, and redesigning the currency is part of the monetary policy "so it's not even a question to ask if he's carrying out his legal duty".

He then observed, that our Naira Notes are way back too old, and most of them ought to have been out of circulation, so redesigning the currency will enable the public to have the benefit of laying hands on mint currency, It equally afford the CBN to checkmate the counterfeit notes, in circulation.

Mr Ebosetale also highlights the area of security benefits as, "Nigeria has been affected with so many Issues such as  kidnapping, Banditry  and others, these kidnappers do their illicit transactions with cash and not through banks or online transactions.  

So the CBN Governor to a great extent is right because once the currency is redesigned, the apex bank can checkmate those who have starched away money.

"So some of these Cash or Notes have been stored up for obvious reasons in GP Tanks, and so many other unconventional places, and I think through the redesigning of the Naira, and change of  currency, it could be Recovered.

On the Economic benefits, he said despite not being an economist, he believes that changing the currency will enhance the economy because when there is no enough money in circulation, the economy suffers from a sort of pausity of cash, and often  standstill.

The CBN has given December 15th, as date for the  Commencement of the excercise, which will  go on, till January 31st; and he is very optimistic that from that time, Nigerians will see the economy boosted and refresh because of improved liquidity, and there will be so much cash transactions and so many other transactions that will help to grow and boost  the Economy.

On those in various Prisons, or in hospitals, and those that must have traveled before this policy was announced, and they have some money being stored in their homes, he said it is the prerogative and right of the CBN Governor  to make provisions for them on how to return the money then change it to the new currency.

On elections and electioneering campings, he insists the change of currency would not adversely affect it, and such he won't be advocating for deadline extension, although there has been many deadline extension such as the Sim Registration, National identification  Registration, BVN so the CBN might likely extend their deadline.

He Advised the CBN Governor that everyone who has a duty to implement the policy, should be made to stick to it, and make sure that the process is effected seamlessly,  in the overall interest of Nigerians. 

And if we must have a  new Nigeria, it must start with our strategic top leaders like Mr Godwin Emefiele, and the anti corruption Agencies, should work according to the law Establishing them; while the CBN also take action to decentralized  the exchange of the new currency and extend it to Point-of-Sale (POS) operations, in the country; so that it could be further decentralized to avoid much crowd in the banking Halls, and by so doing, it would reduce the stress citizens pass through.

Finally, he concluded that he strongly believe, the CBN will achieve it aim, although there is no policy on earth that have achieved its purpose  hundred percent.