President Muhammadu Buhari today finally unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria, CBN.

Buhari unveiled the newly designed N1,000, N500 and N200 notes, marking the first time Nigeria will be redesigning it’s currency notes in nineteen years.
He underscored the importance of re-designing the new naira notes.

Buhari explained that it will aide the country address the issue of Illicit financial flows, corruption, improve the nation’s economy, ensure and advance the value of the naira.
Noting that the currency redesign will also boost the CBN’s Monetary policy initiative, President Buhari stated that the first set of currency which was printed locally by the Nigeria printing and minting company, will fundamentally prevent counterfeiting of the naira notes.
The president, however, appealed to Nigerians and urged them to embrace the new policy to re-design the naira.
At a briefing after the ceremony before the Federal Executive Council meeting, the CBN governor, Godwin Emefiele debunked insinuations suggesting that the early unveiling of the new notes is a means to target some Nigerians.
Emefiele appealed to the public, urging them to desist from making such speculation, adding that 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.
Emefiele maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission, EFCC, to monitor the purpose of any heavy transactions.
He notes that the redesigned currency note can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.
Emefiele said following the unveiling of the new notes which begins circulation today, he announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.