New Naira Notes Officially Unveiled by President Buhari

Image: Premium Times

President Muhammadu Buhari has finally unveiled the new notes of the three highest denominations of the Nigerian currency: N200, N500, and N1,000. He carried out the unveiling at the Council Chambers of the Presidential Villa, Abuja, just before the commencement of the Federal Executive Council meeting.

At the unveiling, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said introducing new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.

Mr. Emefiele had earlier said in October that N2.73 trillion of the total N3.23 trillion currency in circulation remained outside the country’s banking system, making it difficult for monetary policies to be effective.

He also spoke about the security dimension of redesigning the notes.

“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,” he said.

The old notes would still be valid until the 31st of January, 2023. At the bank’s monetary policy meeting on Tuesday, Mr. Emefiele said the January deadline will not be extended.

See the photos below:

Image: Premium Times

Source: premiumtimesng.com

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