President Buhari unveils redesign naira notes for use

By TechnocratMedia

President Muhammadu Buhari on Wednesday during the weekly Federal Executive Council (FEC) unveils the redesigned naira notes by the Central Bank of Nigeria (CBN).

The events took place at the State House, Abuja.

The redesigned country’s notes presented to the public include N1000, N500 and N200.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), was in attendance during the unveiling ceremony.

Also present at the ceremony were Boss Mustapha, secretary to the government of the federation, Ibrahim Gambari, chief of staff to the president, and Folashade Yemi-Esan, head of the civil service of the federation.

President Buhari said the importance of redesigning the naira notes is to help the country to address the issue of illicit financial flows, and corruption, and improve the economy and the value of the Nigerian currency.

He noted that the currency redesign will also help the CBN’s monetary policy initiative.

Mr Buhari said the first set of the currency, which was printed locally by the Nigeria Printing and Minting Company, will prevent counterfeiting of the notes.

He, however, appealed to Nigerians to embrace the new policy to redesign the naira.

Speaking at the launch, Mr Emefiele said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.

He added that the naira notes currently in use will remain as legal tender till 31st January 2023.

The CBN initiative is the first time in almost 20 years that Nigeria will redesign its currency, apart from the redesign of the N100 naira note for centenary celebrations in 2014.

On October 26, the CBN governor, Godwin Emefiele, announced the plans by the apex bank to redesign some naira notes.

He further stated that the redesigned notes will be presented to the public on December 15 to replace the old ones in circulation.

However, on Tuesday, Mr Emefiele during the monetary policy committee (MPC) meeting in Abuja, said CBN will no longer wait till December 15 to “unveil and release” the new notes.

He also disclosed that the President would unveil the redesigned banknotes on Wednesday, November 23, 2022, adding that the apex bank will not shift the January 31, 2023 deadline for the deposit of current N200, N500, and N1,000 notes.

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