President Buhari Unveils Re-Designed Naira Notes
Category: Nigeria News
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
it’s currency notes.
READ: Arabic Inscription On Naira Notes Won’t Be Removed
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 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.
READ: Deji Adeyanju Speaks On Redesigning Naira Note
Emefiele maintained that there will be 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.
READ: Obasanjo’s Face Should Be On New Naira Note – Atiku
During the ceremony which held before the council meeting, President
buhari underscored the importance of re-designing the new naira notes. He
explained that it will aide the country address the issue of Illicit financial
flows, corruption, improve the nation’s economy, as well as ensure and
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.
READ: Dollar Now N818/$, As Scarcity Hits BDCs
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