President Muhammadu Buhari on Wednesday unveiled the re-designed Naira notes as proposed by the Central Bank of Nigeria (CBN).
On Tuesday, CBN Governor, Mr Godwin Emefiele had said that the President would unveil the newly designed N1,000, N500 and N200 notes.
The unveiling marks the first time in 19 years that Nigeria would redesign its currency notes.
Last month, Emefiele announced the coming of the new notes, which he said would take effect from 15th December.
At a briefing on Wednesday after the ceremony held before the Federal Executive Council meeting, the CBN Governor debunked insinuations that the early unveiling of the new notes is a means to target some Nigerians.
Emefiele appealed to members of the public to desist from making such speculation, adding that that there is no need to perpetuate any such information.
According to him, the CBN would intensify the monitoring process and interrogate the process of withdrawals.
Emefiele maintained that there would 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 to monitor the purpose of any heavy transactions.
The redesigned currency note, he said, can never be counterfeited, adding that to forestall such occurrence, the CBN would redesign the notes after every five to eight years.
Following the unveiling of the new notes which begins circulation today, the CBN Governor announced that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.
President Buhari underscored the importance of re-designing the new naira notes. He explained that it would aide the country to address the issue of illicit financial flows, corruption, improve the nation’s economy, as well as ensure and advancement in the value of the naira.
Noting that the currency redesign would 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, would 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.
He said that ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit”.
The President also said that the new banknotes would help the CBN design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.
He commended the CBN Governor and his deputies for the initiative, while also thanking the Managing Director, Executive Directors and staff of the Nigerian Security Printing and Minting PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time”.
Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes every five to eight years, the President noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.
‘‘This implies that the Naira is long overdue to wear a new look.
‘‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.
‘‘As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grants the Central Bank of Nigeria the power to issue and redesign the Naira.
‘‘In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.
‘‘There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the ₦200, ₦500 and ₦1000 banknotes.
‘‘While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC”.
