President Muhammadu Buhari revealed the newly redesigned Naira banknotes on Wednesday, as proposed by the Central Bank of Nigeria (CBN).
The CBN Governor, Godwin Emefiele, said on Tuesday that the president would introduce the freshly designed N1,000, N500, and N200 banknotes.
Nigeria’s currency notes have been redesigned for the first time in nineteen years, as of today’s unveiling.
During a press conference held following the ceremony and before to a meeting of the Federal Executive Council, the governor of the Central Bank of Nigeria (CBN) refuted rumors that the early release of the new banknotes was intended to target some Nigerians.
Mr. Emefiele appealed to Nigerians, imploring them to refrain from creating such speculations and stating that there is no need to spread such information.
According to him, the CBN would increase supervision and investigate the withdrawal process.
As the Economic and Financial Crimes Commission (EFCC) monitors the purpose of any large transactions, Emefiele said that there would be rigorous limits on the amount of cash that customers may withdraw over the counter.
The revised currency note, he argues, cannot be counterfeited, adding that the CBN would revamp the notes every five to eight years to prevent such an eventuality.
The governor of the Central Bank of Nigeria (CBN) said that the apex bank is now more motivated than ever to make Nigeria a cashless economy, as is the case in other climes, after the introduction of the new currency notes, which enter circulation today.
During the ceremony that took place before the council meeting, President Buhari emphasized the significance of redesigning the new naira notes. He said that it would assist the nation in addressing the problem of illicit money flows and corruption, as well as bolster the economy and increase the value of the naira.
Noting that the redesign of the currency would also improve the CBN’s Monetary policy effort, President Buhari added that the first batch of money, which was created domestically by the Nigeria printing and minting firm, will essentially prohibit counterfeiting of the naira notes.
The president, however, appealed to Nigerians and asked them to adopt the new policy to redesign the naira.