Economy
Naira Redesign: CSGGG Hails CBN, Comments On New Monetary Policy
- Policy needed to address alarming volume of currency outside banking system – Ogakwu
A coalition of over 190 civil society organisations identified as Civil Society Groups for Good Governance, CSGGG has applauded the leadership of the Central Bank of Nigeria for its move to redesign the nation’s
N200, N500 and N1, 000 naira notes.
In a statement signed on Thursday by its president, Comrade Ogakwu Dominic, stated that the development is a strategy which will curb inflation and wrest control of the nation’s economy from the crippling and stifling grip of economic saboteurs, whose stock-in-trade is to weaken the naira and cash in on the losses of the nation, for selfish security and socioeconomic interests.
It read:”The Civil Society Groups for Good Governance (CSGGG), has thrown its weight behind the Central Bank of Nigeria’s governor – Godwin Emefiele – and his new monetary policy which has generated so much controversy in the public domain lately.
“At such a time as this, when Nigeria is the poverty capital of the world, with insecurity crippling our economy, the Central Bank of Nigeria has tightened its grip on the economic jugular of the nation – a move which many pundits have denounced as socioeconomic mass murder of poor Nigerians. Nigeria currently stands at a crossroads with two potentially unpopular choices to make – continue on our economic trajectory to a certain socioeconomic implosion or impose a paradigm shift and risk the ire and angst of Nigerians? Which is the lesser of the two evils?
” One look at this gloomy and explosive cocktail, reveals one common denominator connects all the scenarios above – excess cash or currency in circulation, which are not being used in productive activities, but to sponsor non-state actors and threaten peaceful coexistence. More worrisome, the illicit transactions involving these unaccounted excess cash, is completely out of the radar of our government, meaning that individuals who seem larger-than-life and more influential than our government, are controlling the economics dynamics which determine the fate of the whole country. And if these monies are not quickly recovered before the fast- approaching 2023 general elections, it is very obvious that these daredevils intend to use this humongous amount of money in vote-buying and other electoral malpractices which rob Nigeria of credible leaders and leadership. Hence something needs to be done urgently to withdraw these excess cash and forestall potential electoral fraud as well as circumvent criminality in Nigeria. That is where the new CBN’s monetary policy comes into force.” it added.
On the issue of the new monetary policy, the group emphasized that the policy will not only control the nation’s overall money supply but enhance the achievement of sustainable economic growth.
The group, commending President Muhammadu Buhari for his timely approval of the planned redesign of the currency notes, however pledge it support to the CBN governor Godwin Emefiele, while chastising those whose stock in trade is condemning the latter on this new policy initiative.
The CSO further urged anti-graft units of all security agencies and commissions to use the opportunity created by the new and existing currencies exchange window from December to January 31, 2023 when the existing currencies shall cease to be a legal tender, to monitor illicit and illegal financing, money laundering, terror financing, votes buying amongst others.
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.
As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.
Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).
The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.
The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.
The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.
CSOs Back Nigeria’s Clean Energy Push, Applaud ECN’s Commitment
Wema Bank Celebrates 80 Years of Impact
