On Wednesday, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced plans to redesign N200, N500, and N1,000 notes by December 15th 2022. The proposed plan aims at mopping up excess cash and combating inflation and insecurity by forcing Nigerians to add currencies currently in circulation into the banking system. 

Many Nigerians have condemned this plan of the apex bank, as they claim the negatives outweigh the positives of redesigning the country’s banknotes. Others claim the timing of this plan is wrong as the apex bank should focus on the depreciation of the Naira, forex scarcity, etc. 

Regardless, below are some Nigerian agencies that would benefit from an inter partnership with commercial banks during the period of exchanging currencies (December 15th 2022 – January 31st 2022). 

Economic Financial Crimes Commission (EFCC) 
The EFCC is a Nigerian law enforcement agency that investigates financial related crimes such as illegal acquisition of funds, advance fee fraud, money laundering, etc. 

  • By working closely with commercial banks, the anti-graft agency can investigate illegal cash deposits by suspected fraudsters. 

Federal Inland Revenue Service (FIRS) 
The FIRS is an agency tasked with assessing, collecting and accounting for tax and other related revenues and remitting them to the Federal Government of Nigeria. 

  • Partnering with the commercial banks can help the agency identify citizens who have evaded tax. This can help the agency widen its tax net and generate revenue for the federal government. 

Independent National Electoral Commission (INEC) 
INEC is tasked with conducting free and fair elections in Nigeria. With less than four months to the country’s next elections, INEC, as well as the Nigerian government, would be on the lookout for individuals planning to hoard cash for vote buying. 

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