President Muhammadu Buhari on Wednesday finally unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN).
The CBN Governor, Mr. Godwin Emefiele had on Tuesday said that the president will unveil 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 members of the public, urging them to desist from making such speculation, adding that there is no need to perpetuate any such information.
According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.
Emefiele maintained that there will be a heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.
The redesigned currency note he asserts can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.
Following the unveiling of the new notes which begins circulation today, the CBN governor announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.
During the ceremony which was held before the council meeting, President Buhari underscored the importance of re-designing the new naira notes. He explained that it will aid the country address the issue of Illicit financial flows, and corruption, improve the nation’s economy, as well as ensure advancement in the value of the naira.
Noting that the currency redesign will also boost the CBN’s Monetary policy initiative, President Buhari stated that the first set of currency which was printed locally by the Nigeria printing and minting company will fundamentally prevent counterfeiting of the naira notes.
The president, however, appealed to Nigerians and urged them to embrace the new policy to re-design the naira.