Buhari Unveils Newly Redesigned Naira Notes At FEC Meeting - Matrix Live Ng
Buhari Unveils Newly Redesigned Naira Notes At FEC Meeting
Currency News

Buhari Unveils Newly Redesigned Naira Notes At FEC Meeting

President Muhammadu Buhari has unveiled the re-designed Naira notes.

President Buhari unveiled the redesigned Naira notes at the Federal Executive Council (FEC) meeting today, Wednesday, November 23, 2022.

At a briefing after the ceremony before the Federal executive council meeting, the CBN governor Gowin Emefiele debunked insinuations that the early unveiling of new notes is a means to target any Nigerian.

The unveiling today marks the first time in 19 years, Nigeria will be redesigning its currency notes.

Mr Emefiele appealed to members of the public 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.

He maintained that there will be a heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic 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 he states that the CBN redesign the notes every five to eight years.

It would be recalled that Emefiele had on Tuesday said the president would unveil the newly designed N1,000, N500 and N200 notes today.

Following the unveiling of the new note which begins circulation today, the CBN governor announced that the CBN is now more determined to make Nigeria a cashless economy, as in other climes.

The newly unveiled Naira notes will replace the old denominations of the N200, N500, and N1,000 banknotes, which the CBN said will cease to be legal tender from January 31st 2023.

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