•••Says New Naira Notes Will Prevent Corruption, Counterfeiting
President Muhammadu Buhari has unveiled the redesigned denominations of the 1000, 500, and 200 notes of the Naira.
The President unveiled the new notes on Wednesday shortly before the starting of the weekly Federal Executive Council meeting in Abuja
The Governor of Central Bank, Mr Godwin Emefiele who had earlier told Nigerians that the redesigned Naira notes would be ready for issued on December 15, 2022, said on Tuesday that the President would unveil the new notes on Wednesday.
Emefiele spoke at the CBN’s monthly Monetary Policy Committee in Abuja on Tuesday.
The ceremony for the unveiling of the new notes was held at the Council Chambers of the State House Abuja, to precede the weekly meeting of the Executive Council of the Federation.
Buhari urged Nigerians to embrace the new policy to redesigned Naira which he said would promote the campaign against corruption, illicit financial flow, and aide economic development and the value of the Naira.
The President said that the first set of Naira notes which were printed locally would help the Central Bank of Nigeria’s Monetary policy initiative and prevent counterfeiting.
Top government functionaries who attended the event are the Secretary to the Government of the Federation, Boss Mustapha, the Chief of Staff to the President, Prof. Ibrahim Gambari and Head of Civil Service of the Federation, Dr Folashade Yemi-Esan, Ministers and the Governor of the Central Bank of Nigeria, Godwin Emefiele.
The CBN Governor who also spoke briefly at the event said that policy to redesign the three highest denominations of the Naira was to check corruption and counterfeiting of notes.
According to him the CBN had to redesign the Naira notes in response to serious challenges that had continued to grow in intensity and sophistication.
He said that the challenges were such that they had implicated on the integrity of the CBN and also the country.
Emefiele stated further that earlier efforts by the CBN to redesign the Naira notes were resisted by the political class.
The CBN Governor stressed that it was unacceptable for more than N2.73 trillion out of the N3.23 trillion currency in circulation to be outside the banking sector as it is in the country.
Emefiele said that the CBN would take effective control of money supply by ensuring that all cash are mopped up from the economy such as those in the vaults of banks and citizens.
Emefiele who noted that Nigeria is redesigning Naira noted for the first time in 20 years gave the assurance that the old Naira more would exist alongside the new notes till January 31, 2023 when they will seize to be legal tender.