BREAKING: President Buhari Unveils Redesigned New Naira Notes

 

“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”

PEGASUS REPORTERS, LAGOS | NOVEMBER 23, 2022

The President, Muhammadu Buhari on Wednesday finally unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN). It will be recalled that 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.

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.

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 held before the council meeting, President Buhari underscored the importance of re-designing the new naira notes. He explained

*CBN Gov. Godwin Emefiele presenting the redesigned note to president M. Buhari at Aso Rock

that it will aid the country addresses 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. He appealed to Nigerians and urged them to embrace the new policy to re-design the naira.

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