News

“Naira redesign has reduced kidnapping and corruption” – Attorney General of the Federation and Minister of Justice, Abubakar Malami Lament

Published

2 years ago

February 12, 2023

Attorney General of the Federation and Minister of Justice, Abubakar Malami, has revealed that the Central Bank of Nigeria’s (CBN) naira redesign strategy has greatly reduced the prevalence of kidnappings in the country.

In a new interview with Radio Nigeria Kaduna, Malami stated that the strategy’s beneficial aspects were overlooked.

Recall that on February 10, a seven-member Supreme Court panel led by John Okoro barred the CBN from prohibiting the usage of old naira notes (N200, N500, and N1,000).

The judgment came in response to an ex parte application filed by three states: Kaduna, Kogi, and Zamfara.

Reacting to the ruling, Malami said;

“I told you the case is still in court, we will obey the court order but we also have right to explain to court the positive sides of the policy. If you see the negative side of it, you have to see the positive sides. If these governors told the court the hardships been experienced as a result of the policy, there are also some problems that the policy is solving.

I gave you example of insecurity. Immediately this policy was introduced, the rampant kidnapping has drastically reduced. It also reduced rate of corruption, therefore we have right to go and explain to court these positive sides. The court gave order without listening to government side but it fixed 15 February to hear from the government.

Everybody knows part of the reasons Nigerians elected President Muhammadu Buhari is to fight corruption, insecurity and boost economy. The policy was introduced considering these and we will ask court to look at both sides of it.”