Buhari unveils redesigned naira notes, CBN to curb huge cash use

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.

0
newly redesigned Naira notes

President Muhammadu Buhari has unveiled the redesigned naira notes of N200, N500 and N1000 at the Council Chamber of the Presidential Villa Abuja on Wednesday.

Brandpowerng reports that the unveiling of the naira notes preceded the virtual meeting of the Federal Executive Council (FEC) with a number of cabinet members in attendance.

The unveiling of the newly redesigned notes hitherto slated for Dec. 15 was brought forward to Wednesday by the Central Bank of Nigeria (CBN).

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele was also in attendance during the unveiling ceremony.

Meanwhile, 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 restrictions 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 note 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.

Editor’s Picks  Inflation-taming: CBN again raises benchmark interest rate

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.