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Buhari Unveils Re-Designed Naira Notes

L-R Godwin Emeifele presenting the new resigned naira Notes to President Muhammadu Buhari, in Abuja.

President Muhammadu Buhari on Wednesday unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN).

Speaking at the briefing after the ceremony, the CBN governor, denied speculation that the early unveiling of the new notes is a means to target some Nigerians.

He urged members of the public to reframe from making such speculation, adding that that there is no need to perpetuate any such information.

He said the apex bank will intensify the monitoring process and interrogate the process of withdrawals.

He 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 reaffirmed can never be counterfeited, adding that the CBN will redesign the notes after every five to eight years.

The unveiling marks the first time in 19 years, Nigeria will be redesigning it’s currency.

He further announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.

President Buhari explained that the redesign nair 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.

While assuring that it 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.

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