According to the Central Bank of Nigeria, the naira was redesigned to combat kidnapping.
Goldennewsng reports that this was stated by the apex bank on Tuesday during a program at the Gombe International Market by Shamsudeen Imam, its Senior Manager, Currency Operations Department, CBN.
He stated that the instances in which criminals collected ransom would decrease.
The fact that so much money is in circulation, according to Imam, indicates that the most recent effort by the apex bank will control the amount of money in circulation.
“It will address the issue of terrorism, kidnapping, because there was a lot of money in circulation before, and the kidnappers are using that opportunity to collect ransom from people,” he stated.
He said that changing the currency was a good step and that it would benefit the economy in many ways.
He claims that other nations alter their currencies every five years. In general, currencies are redesigned every five to eight years; however, for Nigeria, it has been a long time coming. Since some of our currencies have been in use for 14 to 20 years, it is time to change our currency, the Imam stated.
Imam cited the significance of the currency change and stated that it would enhance the country’s monetary policy.
Because the CIC is a part of monetary policy, our monetary policy mechanism will undoubtedly be very effective. Because we are unable to carry cash, it will encourage a large number of people to open accounts, which will enhance our efforts to promote financial inclusion. He stated, “You must open an account, and as a result, more people will enter the financial system.”
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