The newly designed Naira Notes as suggested by the Central Bank of Nigeria were finally unveiled by President Muhammadu Buhari on Wednesday (CBN).
The newly designed N1,000, N500, and N200 notes will be unveiled by the president, according to CBN The newly designed Naira Notes as suggested by the Central Bank of Nigeria were finally unveiled by President Muhammadu Buhari on Wednesday (CBN).
The newly designed N1,000, N500, and N200 notes will be unveiled by the president, according to CBN Governor Godwin Emefiele, who made the announcement on Tuesday.
Nigeria will redesign its currency notes for the first time in 19 years with today's unveiling.
The CBN governor refuted claims made during a briefing held after the ceremony but before the Federal Executive Council meeting that the early release of the new notes was an attempt to target specific Nigerians.
Mr. Emefiele made an appeal to the public, pleading with them to refrain from making such assumptions and stating that there is no need to perpetuate any such information.
He claims that the CBN will scrutinize the withdrawal process and step up its monitoring efforts.
The amount of cash that can be withdrawn over the counter will be severely limited, according to Emefiele, as it collaborates with the EFCC to keep track of the intentions behind any significant transactions.
He claims that the newly designed currency note cannot ever be counterfeited and adds that the CBN will redesign the notes every five to eight years to prevent this from happening.
The CBN governor declared that the apex bank is now more determined to turn Nigeria into a cashless economy, as in other climes, following the unveiling of the new notes that go into circulation today.
President Buhari stressed the value of redesigning the new naira notes during the ceremony that took place before the council meeting. He explained that it will help the country deal with the problem of illicit financial flows, corruption, strengthen the country's economy, and ensure that the value of the naira advances.
President Buhari stated that the first set of currency, which was printed locally by the Nigeria printing and minting company, will essentially prevent the naira notes from being counterfeited, noting that the currency redesign will also support the CBN's Monetary policy initiative.
But the president made an appeal to Nigerians, pleading with them to accept the new strategy for redesigning the naira.
Some Nigerians are unhappy with the 'changes' discovered in the new notes' appearance, which has begun to circulate online.
Who assigns these funds a color rating, asked Taaooma? How long does printer ink last?
Is this a joke or not, asked Nikki Laoye? Because I'm really perplexed! This can't be real, can it?
What kind of a country is this, asked Sam Speedy?
I don't notice any difference, The hair police wrote.
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