CURRENCY REDESIGNS IS NOT TARGETED AT ANYONE OR GROUP – CBN

The Director corporate Communications Of the central Bank of Nigeria Mr. Osita Nwanisobi, has said that the policy is not targeted at anyone or any group of persons, rather it derived from Banks in – house analysis to strengthen our macroeconomic fundamentals and better our socio – economic conditions.

Mr Osita Nwanisobi, director, corporate communications Department, central Bank of Nigeria, who was represented by Mohammed Abba Aliyu, Director capacity development, central bank of Nigeria revealed this at the ongoing 44th Kaduna international trade fair in Kaduna, said the principal aim of the Bank, with the currency REDESIGNS initiative, is to make, “our monetary policy decisions more efficacious. Nigerians will observe that, there has been a downward trend in inflation and the exchange rates have been relatively stable”.

And furthermore, “we aim to increase financial inclusion in the country by reducing the number of the unnamed population.

Revealed that the aim is to support the efforts of security agencies in combating banditry and ransom taking in Nigeria.

Nwanisobi said the central Bank is not unmindful of the challenges some citizens have had to face in the past few weeks in an efforts to get money from their banks or other alternative channels.

There is also a reports of occasional transaction failure.

How ever, “we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surge in transaction volumes across all channels”.

The central Bank of Nigeria, is therefore, urge Nigerians to embrace the alternative payment channels, such as ensure and internet banking, as we embrace the cashless policy.

Osita Nwanisobi, who was represented by a Director capacity development Mohammed Abba Aliyu, said there is a lot of advantages with the currency redesign and is going to benefit the economy in the long run.