Naira Redesign Has Somehow Reduced Kidnapping, Ransom-Taking — Emefiele

Written by on January 25, 2023

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said the recent release of three redesigned naira notes has somehow reduced kidnapping and ransom-taking by armed men.

 The CBN governor, who spoke after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, also said there is no going back on its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes.

Emefiele noted that the CBN remained focus on the weak and the vulnerable in the society and would attend to them even after the deadline to ensure they have the new notes.

He further stressed that no Nigerian is licensed to build bank vaults at home. He said there is no reason for the nation’s currency in circulation to rise from N1.4 trillion to N3.2 trillion in seven years, saying that some persons are hoarding the naira and embracing currency speculation.

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