By John Ikani
President Muhammadu Buhari has unveiled the redesigned N1000, N500 and N200 naira notes as proposed by the Central Bank of Nigeria (CBN).
The President unveiled the new currency notes on Wednesday morning before the Federal Executive Council (FEC) meeting.
The unveiling today, marks the first time in 19 years, Nigeria will be redesigning its currency notes.
Speaking during the event, President Buhari underscored the importance of re-designing the new naira notes.
He explained that it will aide the country address 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, 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 went on to urge Nigerians to embrace the new policy to re-design the naira.
On his part, the CBN governor Godwin Emefiele said the redesigned currency notes can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.
While noting that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes, Emefiele said 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.