The Central Bank of Nigeria says that its most recent project, redesigning the naira, will help the country’s many security problems, which range from terrorism to kidnapping, get better.
Shamsudeen Imam, Senior Manager, Currency Operations Department, CBN, stated at a programme on Tuesday at the Gombe International Market that circumstances where criminals demanded ransom would decrease.
Imam asserts that there is a lot of money in circulation, which tends to encourage criminal activity, and that the apex bank’s most recent initiative would regulate the amount of 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 said that changing the currency was a smart move and that the economy will gain a lot from it.
He asserted that other nations rotate their currency every five years. “Currency redesigns take place on a global scale every five to eight years, but in Nigeria, it’s well past time. It’s time to revamp our money because some of our current currencies have been in use for 14 to 20 years, according to Imam.
Imam listed the benefits of the currency reform, saying they will strengthen the nation’s monetary policies.
“The CIC is a component of monetary policy, so definitely, our monetary policy mechanism will be very effective. It will improve our financial inclusion drive, as it will push a lot of people to open accounts because we can’t carry cash. You need to open an account and as a result, more people will come into the financial system,” he said.
