The New Naira Notes have been Unveiled
The President of Nigeria, Muhammadu Buhari finally unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN) on Wednesday 23rd of November.
The president was present at the launch of the new Naira banknotes at the council chamber of the State House in Abuja.
The CBN Governor, Mr Godwin Emefiele had earlier on Tuesday said that the president would unveil the newly designed N1,000, N500 and N200 notes.
The unveiling of the new notes will be the first time in 19 years that Nigeria will be redesigning its currency notes.
The President, Major General Muhammadu Buhari, said the naira notes are long overdue for a change as the current notes have been in circulation for nearly 20 years.
The president also added the newly redesigned notes have special and unique security features that make them difficult to counterfeit.
The old notes would still be valid until the 31st January, 2023, as stated by the CBN. The CBN governor said in response to this that the deadline will not be extended.
He said in his words
“In view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and kidnapping would be minimized as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up,”
It was also said that the amount of money that can be withdrawn from the counter would be reduced drastically. They mentioned that bulk withdrawals would require several procedures and security checks to track use. The bank would also be able to control the amount of money in circulation.
He said this because it would ensure a steady transition into a cashless economy.
The President of Nigeria, Muhammadu Buhari finally unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN) on Wednesday 23rd of November.
The president was present at the launch of the new Naira banknotes at the council chamber of the State House in Abuja.
The CBN Governor, Mr Godwin Emefiele had earlier on Tuesday said that the president would unveil the newly designed N1,000, N500 and N200 notes.
The unveiling of the new notes will be the first time in 19 years that Nigeria will be redesigning its currency notes.
The President, Major General Muhammadu Buhari, said the naira notes are long overdue for a change as the current notes have been in circulation for nearly 20 years.
The president also added the newly redesigned notes have special and unique security features that make them difficult to counterfeit.
The old notes would still be valid until the 31st January, 2023, as stated by the CBN. The CBN governor said in response to this that the deadline will not be extended.
He said in his words
“In view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and kidnapping would be minimized as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up,”
It was also said that the amount of money that can be withdrawn from the counter would be reduced drastically. They mentioned that bulk withdrawals would require several procedures and security checks to track use. The bank would also be able to control the amount of money in circulation.
He said this because it would ensure a steady transition into a cashless economy.