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Unveiling of the Re-Designed Naira Notes

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Unveiling of the Re-Designed Naira Notes

President Muhammadu Buhari has unveiled the redesigned naira noted as proposed by the Central Bank of Nigeria, CBN.

The first citizen of the nation, Buhari, on Wednesday, November 23, alongside the CBN President, Mr. Godwin Emefiele revealed the newly designed N1,000, N500 and N200 notes.

The unveiling, on Wednesday, marks the first time in 19 years, Nigeria’s currency notes will be redesigned.

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.

Appealing to the members of the public, the CBN President urged them to desist from making such speculation, adding that there is no need to perpetuate any such information.

According to Emefiele, the CBN will intensify the monitoring process and interrogate the process of withdrawals.

Emefiele maintained that there will be heavy restrictions 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.

Thinking of a way to counterfeit the currency, Emefiele stated that the CBN will redesign the naira noted 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.

During the ceremony which held before the council meeting, President Buhari explained that redesigning the notes will likely address the issue of Illicit financial flows, and corruption, improve the nation’s economy, as well as ensure 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.

Below are some more photos from the unveiling.

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