The Nigerian Governors Forum (NGF) has formed a six-member group to work with the Central Bank of Nigeria (CBN) to solve monetary management and financial system abnormalities in the country.
The forum announced this in a statement issued on Saturday following its virtual meeting with CBN Governor Godwin Emefiele on Thursday night.
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According to the communique signed by NGF Chairman, Governor Aminu Tambuwal of Sokoto State, the committee is chaired by the Governor of Anambra State, Prof. Charles Soludo, and members include the Governors of Akwa Ibom, Ogun, Borno, Plateau, and Jigawa States.
The Governors stated that, while they were not opposed to the goals of the Naira redesign strategy, the apex bank should take into account the unique characteristics of households and states, particularly in terms of financial inclusion and underserved areas.
“We, the members of the NGF, received a briefing from the Governor of the CBN, Emefiele, on the Naira redesign, its economic and security consequences, particularly the new withdrawal policy.
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“Governors are not hostile to the Naira redesign policy’s objectives.
“However, we see that there are major difficulties that remain problematic to the Nigerian public.
“In the circumstances, governors expressed the necessity for the CBN to take into account the peculiarities of states, particularly in terms of financial inclusion and underserved places.”
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The Governors expressed their determination to cooperate closely with the CBN leadership to improve areas that required policy variation, notably for the poorest households, the most vulnerable members of society, and various other Nigerians who were left out.
The NGF also agreed to work with the CBN and the Nigerian Financial Intelligence Unit (NFIU) to achieve legitimate goals within the limitations of the law.
They contended, however, that the recent NFIU Advisory and Guidelines on cash transactions were simply beyond the NFIU’s legal remit and purpose.
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