Economy

How Naira redesign affecting kidnappers, bandits – Emefiele reveals

Published

2 years ago

February 1, 2023

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has claimed that the redesigning of the naira is helping to curb kidnapping and banditry in the country.

He made the statement on Tuesday, January 31 when he appeared before the House of Representatives ad hoc committee.

Emefiele pleaded with lawmakers and Nigerians to demonstrate understanding, insisting that the CBN’s aim is to tackle insecurity.

He also urged citizens to comply with all directives from the apex bank so that the policy can be implemented seamlessly.

The CBN Governor said;

“At this initial stage, there will be hitches, but it’s to make the Nigerian economy better and stronger.

“The redesigned naira notes and CBN’s cashless policy has moderated inflation in the country and curtailed the activities of kidnappers and bandits.

“Inflation is moderating, the exchange rate is stable, and we’re hoping that the naira can be stronger.”

Meanwhile, Emefiele earlier said Nigerians with old Naira notes can still deposit them at commercial banks after the February 10, 2023 deadline.

It was reported that members of the green chamber accused Emefiele of breaching section 20 of the CBN act.

According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes when they are no longer legal tender.

He said;

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank.”

While addressing the House committee, the CBN Governor said he is in agreement with the lawmakers on section 20.

Emefiele said;

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this”.

He explained further that

“if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”