The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, urged lawmakers and Nigerians to show understanding on Tuesday, stating that the goal of the top bank was to combat the prevalence of insecurity in the country.
In addition, Emefiele asserted that since the Naira was redesigned, abduction and banditry incidents have decreased.
During the meeting in Abuja with the House of Representatives’ fact-finding ad hoc committee on the shortage and expiration date for the old Naira notes, he made this statement.
Emefiele asked Nigerians to follow all instructions and pleaded with anyone affected by the policy to be patient with the top bank.
He said, “At this initial stage, there will be hitches, but it’s to make the Nigerian economy better and stronger.
“The redesigned naira notes and CBN’s cashless policy has moderated inflation in the country and curtailed the activities of kidnappers and bandits.
“Inflation is moderating, the exchange rate is stable, and we’re hoping that the naira can be stronger.”