ADVERTISEMENT

Emefiele believes naira redesign has somehow reduced kidnapping

Emefiele says the CBN won't postpone the January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes.

Central Bank Governor Godwin Emefiele.   REUTERS/Afolabi Sotunde

Emefiele said this on Tuesday, January 24, 2023, after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.

He insisted that the CBN would not postpone the January 31, 2023 deadline for the validity of the old N200, N500, and N1,000 notes.

“Truly speaking, at the margin, I may be wrong, I think kidnapping and ransom-taking have somehow reduced. Security agents are doing a fantastic job.

ADVERTISEMENT

“I think it (naira redesign) has slowed those people down because they know that if they collect old notes, nobody is going to collect it from them. So, it might as well as think of other ways,” he said.

Speaking on the raise in the interest rate, Emefiele said the increase in the Monetary Policy Rate (MPR) from 16.5% to 17.5 percent to tame inflation was meant to tame inflation.

He said some Nigerians are hoarding the currency, adding that no Nigerian is allowed to build bank vaults at home.

He added that is no reason for the nation’s currency in circulation to rise from N1.4 trillion to N3.2 trillion in seven years.

Emefiele said: “There is no reason why currency in circulation will grow from N1.4 trillion to N3.2 trillion in seven years.

ADVERTISEMENT

“People are hoarding it, people are keeping vaults in their homes. We cannot allow them to be banks in their homes; they don’t have the license to build bank vaults in their homes.

“They should release that money back to CBN because what they are doing is that they are undermining monetary policy. They are keeping it and speculating against our currency and it is making our work difficult in CBN.”

According to him, the CBN has 1.4 million agents nationwide to collect old naira notes in exchange for new notes in riverine and upland areas.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Soldiers catch their fellow soldiers stealing cables at Dangote Refinery

Soldiers catch their fellow soldiers stealing cables at Dangote Refinery

Japa bid halted as Navy arrests 75 Nigerians hiding on container ships in Lagos

Japa bid halted as Navy arrests 75 Nigerians hiding on container ships in Lagos

Comparing comprehensive vs third-party auto insurance in Nigeria

Comparing comprehensive vs third-party auto insurance in Nigeria

Kaduna Speaker to El-Rufai's son: Your threat won't stop us from probing your father

Kaduna Speaker to El-Rufai's son: Your threat won't stop us from probing your father

Makinde demolishes building where Yoruba Nation agitators operate from

Makinde demolishes building where Yoruba Nation agitators operate from

APC chieftain, Lukman faults NWC for backing Ganduje over suspension

APC chieftain, Lukman faults NWC for backing Ganduje over suspension

EFCC gets permission to drag ex-governor Yahaya Bello to court tomorrow

EFCC gets permission to drag ex-governor Yahaya Bello to court tomorrow

Court stops EFCC from arresting Yahaya Bello hours after agents surrounded his house

Court stops EFCC from arresting Yahaya Bello hours after agents surrounded his house

Tinubu hails Dangote's diesel price cut, expects economic boost

Tinubu hails Dangote's diesel price cut, expects economic boost

Pulse Sports

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

ADVERTISEMENT
ADVERTISEMENT