President Muhammadu Buhari on Wednesday unveiled the new N200, N500 and N1000 Naira notes, with the new notes becoming a legal tender immediately from today, 23rd November, 2022.
The President while unveiling the new notes, charged the Central Bank of Nigeria ( CBN) to ensure regular redesign of the currency to avoid counterfeiting.
The President who stated that the Naira ought to be redesigned every 8 years, stated that the country missed the opportunity to redesign the Naira in the past 20 years.
The Governor of CBN, Godwin Emefiele, in his speech, debunked claims that the policy is targeted at certain individuals
The CBN Governor, stated that contrary to such insinuations, “ the Naira redesign is not targeted at anyone”
“We have not had the opportunity for redesigning currency for the past 19 years,
I hope that after today, we should be able to carry out the redesigning after 5-8 years,
The program was not targeted at anyone, we took painstakingly efforts at looking at the pros and coin of the importance of redesigning the Naira.
Read also: Naira redesign will check financial bullying by politicians in 2023- Buhari
The CBN Governor however appealed to members of the public to desist from insinuating that the timing is targeted at anyone.
Emefiele also assured that the apex bank will institute program to monitor abuse of the process.
“The world has moved to cashless and from today, we are moving into full cashless economy
“We will fully insist that our economy goes cashless and limit cash withdrawn, across the counter in banks
Emefiele also insists that going forward, those withdrawing huge cash will need fill forms to be monitored by security operatives to withdraw huge cash from the banks
