President Muhammadu Buhari revealed the redesigned Naira banknotes suggested by the Central Bank of Nigeria on Wednesday (CBN).
Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, stated on Tuesday that the president will introduce the newly designed N1,000, N500, and N200 notes.
The unveiling today marks the first time in 19 years, Nigeria will be redesigning its currency notes.
At a briefing after the ceremony before the Federal Executive Council meeting, the CBN governor debunked insinuations suggesting that the early unveiling of the new notes is a means to target some Nigerians.
Mr. Emefiele appealed to the general public, advising them to refrain from creating such speculations and stressing that there is no reason to spread such information.
According to him, the CBN will tighten monitoring and investigate the withdrawal process.
As the Economic and Financial Crimes Commission (EFCC) monitors the intent behind any large transactions, Emefiele stated that there will be rigorous limits on the amount of cash that can be withdrawn over the counter.
He says that the redesigned currency note cannot be counterfeited, adding that the CBN would redesign the notes every five to eight years to prevent this from happening.
The governor of the Central Bank of Nigeria (CBN) stated that the central bank is now more motivated than ever to make Nigeria a cashless economy, similar to those in other regions.
President Buhari emphasized the significance of redesigning the new naira banknotes during the ceremony held prior to the council meeting. He explained that it will assist the country in addressing the problem of illicit financial flows and corruption, as well as boost the economy and the value of the naira.
Noting that the redesign of the currency will also improve the CBN’s Monetary policy initiative, President Buhari added that the first batch of money, which was created locally by the Nigeria printing and minting company, will essentially prevent the counterfeiting of naira notes.
However, the president appealed to Nigerians, urging them to accept the new program to redesign the naira.