The newly designed Naira Notes as suggested by the Central Bank of Nigeria were ultimately unveiled by President Muhammadu Buhari on Wednesday (CBN).
The newly designed N1,000, N500, and N200 notes will be unveiled by the president, according to CBN Governor Godwin Emefiele, who made the announcement on Tuesday.
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Nigeria’s currency notes will be redesigned for the first time in 19 years with today’s unveiling.
The CBN governor refuted claims that the release of the new notes was a strategy to target specific Nigerians at a briefing held after the ceremony before the Federal Executive Council meeting.
Mr. Emefiele made an appeal to the public, pleading with them to refrain from making such assumptions and stating that there was no need to spread such rumors.
He claims that the CBN will scrutinize the withdrawal procedure and step up its monitoring efforts.
According to Emefiele, The amount of cash that can be withdrawn over the counter would be severely limited, as it collaborates with the EFCC to keep track of the intentions behind any significant transactions.
He claims that the newly designed currency note cannot ever be counterfeited and adds that the CBN would change the notes every five to eight years to prevent this from happening.
The CBN governor declared that the apex bank is now more motivated to turn Nigeria into a cashless economy, as in other countries, following the introduction of the new notes that go into circulation today.
President Buhari stressed the value of redesigning the new naira notes during the event that took place before the council meeting. He explained that it will help the government deal with the problem of illicit financial flows, corruption, strengthen the country’s economy, and ensure that the value of the naira advances.
President Buhari remarked that the first batch of money, which was manufactured domestically by the Nigeria printing and minting company, will essentially prevent the naira notes from being counterfeited, noting that the currency redesign will also support the CBN’s Monetary policy objective.
However, the president made a plea to Nigerians and asked them to accept the new strategy to redesign the naira.
Here are some additional images from the unveiling.
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