Terrorists and kidnappers in Nigeria have begun to demand for new naira notes for the payment of ransom to free kidnapped victims as President Muhammadu Buhari, today, unveiled the redesigned naira notes across the N200, N500 and N1,000 denominations.
According to information gathered, the terrorists who kidnapped a man, a woman and two children in Kolo village, Gusau Local Government Area of Zamfara State, have demanded N10m ransom from family members of their victims and instructed that the money must be paid in new naira notes.
The terrorists assured that the abducted persons would be kept in their custody until they are paid in new naira notes.
Unveiling the notes at the Council Chambers of the State House shortly before the kickoff of this week’s Federal Executive Council meeting, Buhari stated that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.
Buhari explained the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 saying, ‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’
He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.
Noting that it is about 20 years that the country’s currency was redesigned, he said, “This implies that the Naira is long overdue to wear a new look.”
‘‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.
‘‘As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grants the Central Bank of Nigeria the power to issue and redesign the Naira.
‘‘In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.
‘‘There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the ₦200, ₦500 and ₦1000 banknotes.
‘‘While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC.’’
Earlier, the Kaduna-based Islamic cleric, Ahmad Gumi, who has close affinity with the terrorists ravaging Nigeria has faulted the decision by the CBN to redesign some denominations of the naira notes, stressing that the redesigning of the nation’s naira notes it would make kidnappers ask for dollars and other foreign currencies as ransom.
“As for the question of starving kidnappers of naira, it goes without saying that they will resort to dollars and other hard currencies which will further put more pressure on it making the rotten situation bad-der.
“Kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it.”
