OPINION: How #NairaRedesign Would Tackle Kidnapping & Armed Robbery- Amb. Nworisa Michael

By: Amb. Nworisa Michael Here's how the #NewNaira tackles kidnapping and armed robbery. Eversince the announcement and introduction of the #NariaRedesign many Nigerians have been asking as to what benefit this offers the country already going through series of challenges. Ranging from kidnappings, banditry, fuel scarcity amongst others. Now, while it is proper to ask these questions and complaints from the public it is however important to note this benefits; A businessman traveling by road to get goods and travels with his cash unfortunately is been attacked by robbers, what do you think will happen to those cash? 20yrs ago traders from Kano State do travel with their cash hided in their vehicles to travel to placese like Onitsha and Lagos to buy goods but often do this at great risk because they could run into armed robbers or an accident might leave their vehicle on fire but in present times one would simply do an online transfer of funds and travel freely and with ease. Secondly, Kidnappers demand millions of naira from their victims and only take cash and not electronically because when they engage in online transactions they can be easily traced and caught. They do this Because they know there is billions of naira in cash in circulation so in essence what the Central Bank of Nigeria is trying to do is to call back all the naira in circulation in other to reduce the flow of cash. With this development when well uterlized would see to the drastical decline in cases of kidnappings and armed robbers in the society. One might as well decided to do a google search on other countries you'd be shocked to to see some do this every 7yrs but Nigeria hasn't for the past 19yrs. So in essence this development is for the good of all Nigerians irrespective of social class, race or any differences. Nigerians should endeavor to see beyond the present hardship faced as a result of some individuals with ill intensions who are trying to sabotage this initiative for their selfish gains. Commercial Banks on their part should invest more in further developing their online banking softwares so as to enable their customers transact with ease using those platforms.

#NewNaira: High Court Stops CBN from extending deadline

The High Court of the Federal Capital Territory (FCT) has issued an interim injunction stopping President Mohammadu Buhari, the Central Bank of Nigeria, its Governor and the 27 commercial banks “from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10th or issue any directive contrary to the February 10 date.” Justice Eneojo Eneche gave the interim order in a ruling on Monday on a motion marked: M/4284/2023 filed in a suit marked: FCT/HC/CV/2234/2023, filled by four political parties – Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM). In a copy of the enrolled orderJustice Eneche particularly said: "An interim order of mandatory injunction is hereby made directing and mandating the defendants, whether by themselves, staff, agents, officers, interfacing banks or financial institutions or however described to comply with, implement and give effect to the currency re-design and restricting of the old of N200, N500, N1000 bank notes on or before the fast date of 10th day of February, 2023, pending the hearing and determination of the motion on notice." "An order of interim injunction is hereby made restraining the defendants whether by themselves, staff agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500 and N1000 bank notes being 10th day of February 2023 or in any other manner howsoever issue any other contrary or inconsistent directive ever the subject matter beyond the last date of 10th day of February 2023, pending the hearing and determination of the motion on notice." "An order is hereby made directing the heads, Chief Executive Officers, Managing Directors, and/or alter egos of the 4th to 30th defendants (the commercial banks) to forthwith show cause as to why they shall not be corrected and prosecuted for the economic and financial sabotage of the Federal Republic of Nigeria by their illegal act of hoarding, withholding, not paying or disbursing the new N200, N500, and N1000 bank notes, being the legal tender of the Federal Republic of Nigeria to their respective customers, despite supplies of such currency." The judge said the orders are to last for seven days in the first instance, and adjourned till February 14 for the hearing of the motion on notice.