Business News Nigeria

President Buhari Unveils New Naira Notes in Abuja

Nigeria’s President Muhammadu Buhari has formally unveiled the new naira notes on Wednesday.

The Central Bank of Nigeria had on October 26 announced its plan to redesign 200, 500 and 1000 naira notes. It gave December 15, 2022 as the date to start circulating the new notes.

The unveiling of the N200, N500, and N1000 notes marks the first time in 19 years, Nigeria will be redesigning its currency notes.

At a briefing after the ceremony ahead of the Federal Executive Council meeting, the CBN governor, Godwin Emefiele debunked insinuations suggesting that the early unveiling of the new Naira notes is a means to target some Nigerians.

Emefiele appealed to members of the public, urging them to desist from making such erroneous assumptions, adding that there is no need to perpetuate any such information.

The CBN intends to intensify the monitoring process and interrogate the process of withdrawals.

Emefiele maintained that there will be heavy restrictions on the volume of cash that individuals can withdraw over the counter. It intends to work closely with the country’s anti-graft agency, the Economic and 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, the CBN will redesign the notes after every five to eight years.

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