January 28, 2023

The Central Bank of Nigeria has said the myriads of security challenges plaguing the country, ranging from terrorism to kidnapping, will be curbed with the use of its latest initiative of the naira redesign.

Speaking on Tuesday at a programme at the Gombe International Market, the Senior Manager, Currency Operations Department, CBN, Shamsudeen Imam, said situations whereby criminals collected ransom would be reduced.

According to Imam, there is so much money in circulation, which has a way of encouraging criminal activities, revealing that the apex bank’s latest effort will control the money in circulation.

He said, “It will address the issue of terrorism, kidnapping, because there is a lot of money in circulation before, and the kidnappers are using that opportunity to collect ransom from people.”

He disclosed that the currency change was a good step, adding that it would add a lot of positive benefits to the economy.

According to him as reported by IsL source Native Reporters, other countries change their currencies every five years. “Globally, currencies are redesigned every five to eight years, but for Nigeria, it’s long overdue. Some of our currencies have stayed for 14 to 20 years, so it’s the right time to redesign our currency,” Imam said.

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