Just in: Nigeria’s CBN unveils new Naira notes

The Nigeria’s President,  Muhammadu Buhari this morning unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN).

The CBN Governor, Mr. Godwin Emefiele on Tuesday said that the president will unveil the newly designed N1,000, N500, and N200 notes today.

The unveiling 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 such insinuation.

He stated that the CBN will intensify the monitoring process and interrogate the process of withdrawals.

Emefiele noted 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 circulating today, the CBN governor announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other parts of the world.

During the ceremony which was held before the council meeting, President Buhari underscored the importance of re-designing the new naira notes. 

The President explained that it will aid the country in addressing the issue of Illicit financial flows, and corruption, improve the nation’s economy, as well as ensure advancement in the value of the naira.

According to him,  the currency redesign will also boost the CBN’s Monetary policy initiative, adding 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.

He however, appealed to Nigerians to embrace the new policy to re-design the national currency.