Finally, Federal Govt Unveils Redesigned Naira Notes To General Public

The Federal Government has unveiled the redesigned naira notes to the public.

It was unveiled at the Federal Executive Council meeting presided over by President Muhammadu Buhari a few minutes ago.

The Governor of the Central Bank of Nigeria, Godwin Emefiele warned Nigerians against hoarding of the old notes, saying there is no going back on the January 31st 2023 deadline to completely render the old notes useless.

The redesigned notes are in denomination of N1000, N500 and N200.

Emefiele also explained the features of the redesigned notes.

Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to 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has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much was withdrawn and also monitor the usage of the money.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 was targeted at anyone, especially the political class.