Economy News

BREAKING: Buhari Unveils Re-Designed Naira Notes

BREAKING:  Buhari Unveils Re-Designed Naira Notes
  • PublishedNovember 23, 2022

President Muhammadu Buhari has unveiled the re-designed Naira Notes.

OSUN DEFENDER recalls that Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had on Tuesday said the president will unveil the newly designed N1,000, N500 and N200 notes.

The unveiling today, marks the first time in 19 years, Nigeria will be redesigning it’s currency notes.

At a briefing after the ceremony before the Federal executive council meeting, the CBN governor debunked insinuations that the early unveiling of new notes is a means to target any Nigerian.

Mr Emefiele appealed to members of the public that there is no need to perpetuate any such information.

According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.

He maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the EFCC to monitor the purpose of any heavy transactions.

The redesigned currency notes, he asserts can never be counterfeited, adding that to forestall such occurrence he states that the CBN redesigns the notes after every five to eight years.

Following the unveiling of the new note which begins circulation today, the CBN governor announced that the CBN is now more determined to make Nigeria a cashless economy, as in other climes.

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