The governor of the Central Bank of Nigeria, Godwin Emefiele, claims that the recent introduction of three newly designed naira notes has somehow decreased armed men kidnapping and demanding ransom.
According to Channels Television, the CBN governor added that the previous N200, N500, and N1,000 notes will no longer be valid as of January 31, 2023, in remarks made following the apex bank’s Monetary Policy Committee meeting on Tuesday in Abuja.
“In all honesty, although I could be wrong, I believe that kidnapping and ransom-taking have decreased in some way. Security personnel are working very hard.
“I believe that the naira redesign has slowed those individuals down because they are aware that if they continue to gather old notes, no one will come after them to get their money. Therefore, it might as well consider alternative options,” he said.
Emefiele emphasized that the CBN continued to prioritize helping the weak and vulnerable members of society and would continue to do so even after the deadline had passed.
In order to control inflation, the MPC increased the Monetary Policy Rate, which measures interest rates, from 16.5% to 17.5 percent, according to the head of the bank.
He emphasized once more that no Nigerian is authorized to construct a bank vault at home.
He asserted that there is no justification for the rise in the amount of currency in circulation in the country from N1.4 trillion to N3.2 trillion in just seven years, alleging that certain people are engaging in currency speculation and hoarding.
The CBN governor stated, “There is no reason why the amount of cash in circulation will increase from N1.4 trillion to N3.2 trillion in seven years.
People are keeping vaults in their homes and stockpiling money. They lack the authorization to erect bank vaults in their homes, thus we cannot let them to operate as banks there.
“They ought to return that money to the CBN because what they are doing is undermining monetary policy,” said the speaker. They are hoarding it and engaging in currency speculation, which is challenging our efforts at CBN.
Emefiele added that he recently met with the Nigeria Governors’ Forum as well as the governors of Gombe and Yobe, Inuwa Yahaya and Mai Mala Buni, and informed them that the deadline of January 31 cannot be changed.
According to him, the CBN has 1.4 million super agents working nationally to exchange old naira notes for new ones in upland and riverine areas because “money is going down and is circulating to the lower rung of the population.”
“We have 1.4 million of our super agents, and those agents will be available to make money transactions. The super agents are like stores or kiosks in your neighborhood; whether it is in an upland or riverine location, they are there selling kola nuts and sweets but they have been appointed as your agent for currency exchange and swapping. We have done this, he said.
According to him, the CBN has 1.4 million super agents working nationally to exchange old naira notes for new ones in upland and riverine areas because “money is going down and is circulating to the lower rung of the population.”
“We have 1.4 million of our super agents, and those agents will be available to make money transactions. The super agents are like stores or kiosks in your neighborhood; whether it is in an upland or riverine location, they are there selling kola nuts and sweets but they have been appointed as your agent for currency exchange and swapping. We have done this, he said.
