President Muhammadu Buhari has unveiled the re-designed Naira Notes on Wednesday morning before the federal executive council (FEC) meeting at the state house, Abuja.
The redesigned notes presented to the public are the N1000, N500 and N200 — the country’s highest currency denominations.
Speaking at the unveiling, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele asserted that the redesigned currency note can never be counterfeited.
Also present at the ceremony were Boss Mustapha, secretary to the government of the federation, Ibrahim Gambari, chief of staff to the president, and Folashade Yemi-Esan, head of civil service of the federation.
Speaking during unveiling, Buhari underscored the importance of redesigning the naira notes, saying it will help the country to address the issue of illicit financial flows, corruption, improve the economy and the value of the Nigerian currency.
He noted that the currency redesign will also help the CBN’s monetary policy initiative.
Buhari said the first set of the currency, which was printed locally by the Nigeria Printing and Minting Company, will prevent counterfeiting of the notes.
He, however, appealed to Nigerians to embrace the new policy to redesign the naira.
Emefiele said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.
He added that, the naira notes currently in use will remain as legal tender till 31st January, 2023.
Meanwhile, the development is the first time in almost 20 years that Nigeria will redesign its currency.
On October 26, Emefiele, announced the plan to redesign the naira to control money supply and aid security agencies in tackling illicit financial flows.
The CBN governor had said the new notes will be effective from mid-December 2022.