President Muhammadu Buhari at the Presidential wears Villa, Abuja, shortly before the commencement of the Federal Executive Council meeting, unveiled the redesigned naira notes for the highest denominations of Nigeria’s currency.
The new notes presented to the public are the 1000, 500 and 200 naira notes.
The ceremony held on Wednesday at the council chambers of the State house Abuja, preceded the weekly meeting of the Executive Council of the Federation.
The President in his remark underscored the importance of re-designing the new 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 Central Bank of Nigeria’s Monetary policy initiative.
Buhari said the first set of 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 re-design the naira.
Present at the ceremony were Secretary to the Government of the Federation, Boss Mustapha, Chief of Staff to the President, Prof. Ibrahim Gambari and Head of Civil Service of the Federation, Dr Folashade Yemi-Esan.
Others were Ministers and the Governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele.
In his brief remarks, the CBN Governor said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.
He said redesigning the banknotes was based on the fact that currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.
He added that previous efforts by the CBN to redesign and re-issue new naira notes has been resisted by the political class in the country.
He reiterated that more than N2.73 trillion out of the N3.23 trillion currency in circulation is outside the banking sector which he said is unacceptable.
He noted that, with the new development, the CBN aims to take control of money supply by mopping up all cash from the economy, both within the vaults of banks and in the hands of citizens.
He added that, the naira notes currently in use will remain as legal tenders till 31st January, 2023.
This is the first time in almost 20 years that Nigeria will redesign it’s naira notes.