Chris Ngige, Minister of Labour and Employment, claims that the Central Bank of Nigeria’s (CBN) naira redesign program has curbed the criminal activities of bandits and kidnappers in the country.
According to news sources, the former Governor of Anambra State mentioned this on Wednesday during an appearance on Channels Television’s Politics Today.
According to the minister, the contentious policy has reduced insecurity and vote buying ahead of the 2023 general election.
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Ngige, on the other hand, recognized that the policy’s execution was not seamless, and that it caused a lot of anguish for Nigerians.
He said, “The policy is not smooth in its implementation. I admitted that. But whether it is a good policy? Yes, it is a good policy.
“It wasn’t smooth; it came with some pain but overall, did we get some sound benefits from it? Yes, we did: people didn’t buy votes on the line (queue) during the elections.
“I used to go for elections and I know what I see. There was no cash exchange for votes. It wasn’t easy anymore. Kidnappers are on break, they are on strike so to say or recess. Bandits, they have also gone on holidays.”
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Remember that in October 2022, CBN Governor Godwin Emefiele announced plans to revamp the naira in order to manage the money supply and assist security agencies in combating illicit financial flows.
The new naira notes were introduced on December 23, 2022, and the policy’s implementation deadline was set for January 31, 2023, but it was then pushed out to February 10.
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