The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that Kano State Governor, Abdullahi Ganduje’s claim of security challenges is not connected to the country’s naira redesign policy.
WITHIN NIGERIA recalls that Ganduje, in an interactive session with key stakeholders in the state, including scholars, legislators, political leaders, and the business community, stated that his administration had requested that President Buhari postpone his official visit to the state.
Ganduje had expressed deep concerns about the hardship caused by the ongoing cash swap from old to redesigned Naira notes.
The governor stated that the decision was made to avoid any unexpected circumstances.
However, Emefiele debunked Ganduje’s assertion, saying: “I don’t understand the relationship between the CBN policy and security challenges in Kano State.”
Emefiele stated that the apex bank had achieved compliance and had experienced tremendous success in the ongoing currency swap across the country.
He noted that all new currencies had security features that made them easy to track to bank branches, and that the process for dealing with defaulters and those who violated the programme had begun.
“Even if they are CBN staff, they will be sanctioned,” Emefiele warned.
Following his meeting with Buhari on Sunday, the CBN governor told reporters that the currency swap had achieved a success rate of more than 75% of the N2.7 trillion held outside the banking system.
He claimed the achievements can be seen in lower inflation rates, more stable foreign exchange rates, and a noticeable impact on security, particularly in banditry and kidnapping figures.