President Mohammdu Buhari unveils new Naira notes after redesign

CURSORY:

  • President Mohammed Buhari unveils new Naira notes design.
  • This comes after the CBN governor made the decision.

The president of Nigeria, Mohammdu Buhari has unveiled the new Naira notes redesign as released by the central bank of Nigeria.

The Governor of the CBN, Godwin Emefiele had announced earlier that the unveiling ceremony will take place today, November 23.

The bank had said that it took the decision of redesigning the N200, N500, and N1000 to address persisting concerns with the management of the current series of banknotes and currency in circulation, particularly those outside the banking system. These challenges primarily include significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of the currency in circulation is outside the vaults of commercial banks.

Buhari unveiled the new currency notes on Wednesday morning before the federal executive council (FEC) commenced its meeting at the state house, Abuja.

Everyone in Nigeria has 100 days to deposit their money in the bank and get it when the new notes are issued.

By January 31, 2023, existing notes would cease to be regarded as legal tender, according to Emefiele.