The introduction of the naira redesign strategy by the Central Bank of Nigeria (CBN), according to Attorney General of the Federation and Minister of Justice Abubakar Malami, has drastically decreased the number of kidnappings in the nation.
Malami claimed that the scheme has advantages that were overlooked in a new interview with Radio Nigeria Kaduna. Remember that the CBN was prevented from outlawing the use of the old N200, N500, and N1,000 notes as of February 10 by a seven-member Supreme Court panel led by John Okoro.
Three states—Kaduna, Kogi, and Zamfara—filed an ex parte application before the top court, and that’s when the decision was made.
Reacting to the ruling, Malami said;
“I told you the case is still in court, we will obey the court order but we also have right to explain to court the positive sides of the policy. If you see the negative side of it, you have to see the positive sides. If these governors told the court the hardships been experienced as a result of the policy, there are also some problems that the policy is solving.
I gave you example of insecurity. Immediately this policy was introduced, the rampant kidnapping has drastically reduced. It also reduced rate of corruption, therefore we have right to go and explain to court these positive sides. The court gave order without listening to government side but it fixed 15 February to hear from the government.
Everybody knows part of the reasons Nigerians elected President Muhammadu Buhari is to fight corruption, insecurity and boost economy. The policy was introduced considering these and we will ask court to look at both sides of it.”