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Nigeria: Banditry and Kidnapping Has Really Reduced Since We Redesigned the Naira Note- CBN Governor

February 01, 2023

By Joshua Samuel [caption id="attachment_104142" align="alignnone" width="624"] Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele[/caption] The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, urged lawmakers and Nigerians on Tuesday to show understanding and reaffirmed the commitment of the top bank to reducing insecurity in the country. Emefiele also asserted that the Naira redesign had decreased the number of kidnapping and banditry incidents. This was said by him during the meeting in Abuja with the House of Representatives' fact-finding ad hoc committee over the dearth of old Naira notes and their expiration date. Emefiele encouraged Nigerians to follow all instructions and be patient with individuals who were negatively impacted by the policy. "There will be difficulties at this early stage, but they are necessary to strengthen and improve the Nigerian economy," he stated. "The redesigned naira notes and CBN's cashless strategy have reduced kidnapping and banditry in the nation and regulated inflation. "We're hopeful that the naira may be stronger," the speaker said. "Inflation is reducing, the exchange rate is stable."

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