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Again, CBN defends redesign of Naira notes



The Central Bank of Nigeria (CBN) said on Tuesday the redesign of Naira notes would check kidnapping and other violent crimes in the country.

The Senior Manager in charge of Currency Operations at CBN, Shamsudeen Imam, stated during a program held at the Gombe International Market.

Imam said the move would regulate the amount of money in circulation and check criminals’ activities.

He described the redesign of the Naira notes as a smart move that would benefit the economy.

The CBN in October last year announced the redesign of the N200, N500, and N1000 notes.

READ ALSO: NAIRA REDESIGN: Nigerians return N140bn to CBN in one month

The apex bank also announced January 31 as the deadline for the withdrawal of old notes from circulation.

Although many had opposed the move in the country, the CBN had continued to insist that the policy was a perfect strategy for the nation’s economy.

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.”

“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.”

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