President Mohammadu Buhari on Wednesday unveiled the redesigned new naira notes shortly before the commencement of the weekly Federal Executive Council (FEC) meeting in Abuja as the Central Bank of Nigeria (CBN) insisted that the country is on transition to cashless economy.
The Central Bann of Nigeria (CBN( Governor, Godwin Emefiele while presenting the new notes to Buhari, listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.
Emefiele had on Tuesday announced that the regulatory bank is going ahead to unveil the redesigned naira note before December 15, 2022.
The new redesigned notes consist of N200, N500, and N1,000 banknotes and was unveiled by the President at the council chamber.
Fielding questions from correspondents after the event, the Governor of the Central Bank of Nigeria, Godwin Emefiele, insisted that the move is not targeted at anyone.
Rather, he said the redesigned notes would give the apex bank ample control over the amount of money in circulation.
“This move is to enable the Central Bank of Nigeria have control over the size of money in circulation.
“There is no need to think that the programme is targeted at anyone. During my speech at the unveiling, I said that plans for this started early in the year. We considered the pros and cons carefully.
At the briefing, Emefiele added that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawal would require several procedures and security checks to track its use.
This he said would ensure a steady transition into a cashless economy.
The CBN governor also argued that Nigerians have ample time to return the old notes in circulation adding that the apex bank will not extend the January 31, 2023 deadline.
According to him, “As of 2018, we had 86,000 touchpoints nationwide where Nigerians could deposit and withdraw money. In October 2022, that number has risen to 1.4 million touchpoints.
“That is to say we have over 1.4 million bank branches, POS points and other ancillary outfits to enable Nigerians return the old notes.”
Emefiele said the apex bank will now redesign the currency after every five to eight years, as empowered by the constitution.
CBN insists it will not shift the January 31, 2023 deadline for the deposit of current N200, N500, and N1,000 banknotes.