Currency redesign To Curb Kidnapping, Terrorism – CBN
By Chima Azubuike
The Central Bank of Nigeria (CBN), says myriads of security issues plaguing the country which range from terrorism, kidnapping would be curbed through the use of its latest initiative, the currency redesign.
Speaking on Tuesday, during a one-day market storm at Gombe International Market, Senior Manager Currency Operations Department Shamsudeen Imam, said incidences where criminals collected ransom would be reduced.
According to Imam, there is so much money in circulation, which has a way of festering criminal activities, revealing that it lastest effort would checkmate flow of money thereby curbing nefarious activities.
He said, “it will address the issue of terrorism, kidnapping, because there is alot of money in circulation before and the kidnappers are using that opportunity to collect ransom from people.”
He disclosed that the currency change was a good step, adding that it has alot of positive benefits to the economy.
According to him, other countries change theirs every five years, stressing that some have be in circulation for about 20 years.
Imam said, “Globally, currencies are designed every five to eight years but for Nigeria it long over due. Some of our currencies have stayed for 14 to 20 years, so it’s the right time to redesign our currency.”
While enumerating the importance of the currency change, Imam said it would improve the country’s monetary policy.
“The transmission mechanism, we use money supplied to transmit our monetary policy. The Control of money In Circulation 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 alot of people to open account because we can’t carry cash to a bank and carry cash, you need to open an account and as a result more people will come into the financial system.
Speaking about the basic security features that traders and residents most look he urged for caution.
“Some counterfeiters find it difficult to counterfeit some features. The issue of colour; if you are carrying an original currency if you use handkerchief the color will come out it means that currency is original but if it is fake if you put handkerchief the colour will not come out. The watermark is basic another basic security feature,” he said.
He disagreed that the sensitisation is coming rather late, following the deadline, “it is not coming late because sensitisation has been on local radio stations.”
On his part, Branch Controller of CBN Shehu Goringo said the currencies were available in the state, while urging banks to make them available.
He said, “We encourage the banks to issue out the new currencies. It is fully fortified with security features and I don’t think it can be faked.”
Responding to question about shortage of the new currencies, following the circulation of old notes, Goringo ruled out possible postponement in date.
“There is no shortage, we have and we are moving it out. All I know is that we have a deadline that is 31st January,” he added.
Also, General Secretary of Gombe State Traders Association Adamu Manga, lauded the initiative, saying that his members would comply with the directives.
Manga disclosed that the policy would ensure sanity in doing business “We are in a modern society there is no basis to say you don’t have have account number, when you have a phone,” Manga said.
