*President Muhammadu Buhari Wednesday, November 23, unveils the brand-new Naira notes, as the Central Bank of Nigeria discloses there will be heavy restriction on the volume of cash that consumers can withdraw over the counter

Isola Moses | ConsumerConnect

As proposed by the Central Bank of Nigeria (CBN), President Muhammadu Buhari Wednesday, November 23, 2022, launched the new Naira notes at the State House, in Abuja, FCT.

The unveiling of the redesigned Naira denominations of N200, N500 and N1,000 notes marks the first time in 19 years that Nigeria will be redesigning the national currency notes.

Bundles of redesigned banknotes

At the ceremony held before the Federal Executive Council (FEC) meeting, President Buhari underscored the importance of re-designing the new Naira notes.

ConsumerConnect reports the President explained the currency redesign project would help Nigeria to address the issue of illicit financial flows, corruption, improve the nation’s economy, and ensure advancement in the value of the Naira.

President Buhari (3rd left), Mr. Emefiele (2nd left), Chairmen of ICPC and EFCC (far right) at the event in Abuja

He also noted that the currency redesign would also boost the CBN’s Monetary policy initiative. Buhari said that the first set of currency notes, which were printed by the Nigeria Security Printing and Minting Company, would fundamentally prevent counterfeiting of the Naira notes.

Mr. Godwin Emefiele, Governor of CBN, a briefing after the ceremony before the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja, refuted insinuations in certain quarters, suggesting that Wednesday’s unveiling of the new banknotes is a means to target some Nigerians.

Faces of new N200, N500 and N1,000 notes

Earlier Tuesday, November 22, Emefiele at a media briefing in Abuja, had disclosed that President Buhari would unveil the newly designed N200, N500 and N1,000 notes.

The Governor of CBN urged members of the public to desist from making such a speculation.

He also noted that there is no need to perpetuate such misinformation.

Restrictions on cash withdrawals

Meanwhile, the CBN will intensify the monitoring process and interrogate the process of withdrawals from commercial banks, said Emefiele.

The CBN Chief further stated that there will be heavy restriction on the volume of cash that consumers can withdraw over the counter.

According to him, the Bankers’ Bank now works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.

Redesigned banknotes are counterfeit-proof: Emefiele

Emefiele as well stated that the redesigned national currency notes could not never be counterfeited.

He noted that in a move to forestall such an occurrence, the CBN will redesign the banknotes after every five to eight years.

Sequel to the unveiling of the new banknotes, which begins circulation Wednesday, the CBN Governor further announced that the Bank is now more determined to make Nigeria a cashless economy, as it obtains in other economies of the world.

President Buhari also appealed to Nigerians and urged them to embrace the new policy of Naira redesign.