Buhari Unveils Re-Designed Naira Notes

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

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.

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

Emefiele 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 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 circulation today, the CBN governor announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.

The president, however, appealed to Nigerians and urged them to embrace the new policy to re-design the naira.

Meanwhile,

The Central Bank of Nigeria (CBN) has received a total of N165 billion so far following its call on Nigerians to deposit all old notes in circulation.

CBN’s Director of Currency Mr Rasheed Adams said this at a post briefing of the Monetary Policy Committee (MPC) meeting in Abuja on Wednesday. He explained that the figure is far beyond the total receipts it expects, one month after the announcement was made.

Mr Rasheed expressed concerns that in spite of some waivers by the apex bank on deposits, just a few Nigerians have come forward, stressing that there will be no extension on the January 23rd, 2023 deadline.

The Central Bank of Nigeria also noted that a total of N2.7 trillion is currently outside the banking system.