New Naira Notes: CBN Governor, Emefiele shed light on the features

Image: Daily Post

 
The CBN Governor, Godwin Emefiele, gave a detailed explanation of the features of the new naira notes. He was speaking on Wednesday, revealing that the designs was in line with global best practices. He also noted that the naira needed to be redesigned and re-issued every five to eight years.

He also lamented against the best practice; the naira has not been redesigned for the past 19 years owing to a lack of political will from previous administrations.

“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.
Emefiele said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.

His words, “After today, the CBN will begin to redesign and reissue the naira for every five to eight years”

The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much was withdrawn and also monitor the usage of the money.

He debunked insinuations that the policy targeted anyone, especially the political class.

He said that the CBN was determined to ensure that the law on the volume of money one should carry is followed.

“The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.

Commenting on calls for an extension of time for the usage of old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.”

Emefiele also said there is no local government area in the country where there is no bank agent, insisting that there is over one million points across the country where people should go and deposit the old notes.

The CBN boss also boasted that the new naira notes are counterfeit-proof because of the features.

Source: dailypost.ng

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