Naira redesign has reduced kidnapping, ransom-taking – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said the recent release of three redesigned naira notes has somehow reduced kidnapping and ransom-taking by armed men.

The CBN governor, who spoke after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, also said there is no going back on its 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.

“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.