Bandit Leader Flaunts New Naira Notes in Video as CBN Expects N4.18bn Ransom in Old Notes in Banks

Bandit Leader Flaunts New Naira Notes in Video as CBN Expects N4.18bn Ransom in Old Notes in Banks

  • A leader of bandits terrorising Kaduna communities has been seen displaying the new naira notes in a new video
  • The bandit kingpin, Kachalla Baleri gloated that he has more of the notes stored in sacks
  • This comes as CBN said it is expecting over N4 billion ransom money in old notes in the banks before the end of the deadline

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A Bandit kingpin, Kachalla Baleri, intimidating Kaduna communities has released a video showing him displaying the newly redesigned naira notes.

In the video posted on social media, the terrorist could be seen alongside armed men showing off N1,000 and N200 naira notes.

Bandits, Kingpin, New naira notes, CBN
Bnadits seen displaying the new naira notes Credit: Richard Darko
Source: Getty Images

There is more where that comes from

According to TheCable, the kingpin claimed to have used some of the new notes to buy ammunition and said only God knows the amount of new naira he has stored in sacks.

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He said:

“We want to send a message to Nigerians, their leaders, and the masses, to be fair and just because of God and his holy prophet,” Baleri said.
“All the tribalism that is happening in the country will not solve anything unless things are done because of God.
“They (government) redesigned the naira, poor people who are innocent don’t even know about it. Some don’t even own up to N10,000. He has to wake up early in the morning to go and hustle.
“What of those who have millions in the cities? You see, it is between them. The money they are saying people are changing, we that are in the bush are changing it, some people who are in the cities haven’t even received it.
“But you see, the people they are referring to as terrorists have hold of the money. This is the new N1000 note, this is the new N200 note.

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“We are just showing them a little out of what we have. We have plenty sacks of the new money and Only God knows the amount of the new notes that we have.”

Another voice in the background said he has N10 million at home.

“We have bought ammunition that we will fight them (government), and we are waiting for what they will say next on the new naira notes,” Baleri added.

Ransom worth N4.18bn among old notes expected back in banks

The development comes as about N41.18 billion ransom paid to kidnappers in four years, seen as a fraction of the currency outside the banks, is expected to be returned within the new deadline, according to findings by SBM Intelligence.

BusinessDay report said that the report by SBM Intelligence revealed that between June 2011 and the end of March 2020, at least $18.34 million, about N6.97 billion was paid as ransom.

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'I'm begging in God's name": CBN sends message to Nigerians, Commercial Banks over scarcity of new naira notes

A larger portion of the amount was paid out between January 2016 and March 2020, showing that kidnapping is now an industry.

Data from the Central Bank of Nigeria (CBN) says that in 2015, the currency in circulation was about N1.4 trillion but increased to N3.23 trillion by end of October 2022, out of which the CBN says N500 billion was within the banking system and N2.7 trillion held in peoples homes.

CBN Says N900bn still outside the banking system as it extends deadline for cash swap, return of old notes reported that the Central Bank of Nigeria (CBN) said about N900 billion is still held outside the banking system in Nigeria.

The governor of the CBN, Godwin Emefiele stated this while announcing the extension of the deadline for the exchange of old naira notes for new ones from January 31 to February 10, 2023.

According to Emefiele, in 2015, the currency in circulation was just N1.4 trillion but as of October 2022, the currency in circulation in Nigeria has surged to N3.23 trillion out of which only N500 billion was within the vaults of the banks and about N2.7 trillion still held in peoples homes.


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