Buhari unveils Redesigned Naira Notes – Veloxnews

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 From Juliana Taiwo-Obalonye, AbujaPresident Muhammadu Buhari at the Presidential Villa, Abuja, shortly before the commencement of the Federal  Executive  Council  meeting, unveiled the redesigned naira notes for the highest denominations of Nigeria’s currency.The new notes presented to the public are the 1000, 500 and 200 naira notes.The ceremony held on Wednesday at the council chambers of the State house Abuja, preceded the weekly meeting of the Executive Council of the Federation.The President in his remark underscored the importance of re-designing the new naira notes, saying it will help the country to address the issue of illicit financial flows, corruption, improve the economy and the value of the Nigerian currency.He noted that the currency redesign will also help the Central Bank of Nigeria’s Monetary policy initiative.Buhari said the first set of currency which was printed locally by the Nigeria printing and minting company will prevent counterfeiting of the notes.He,  however,  appealed to Nigerians to embrace the new policy to re-design the naira.According to the President, “the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.”He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.President Buhari commended the CBN Governor, Godwin Emefiele 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 5 to 8 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,” he said.In his brief remarks, the CBN Governor said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notesHe said redesigning the banknotes was based on the fact that currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.He added that previous efforts by the CBN to redesign and re-issue new naira notes has been resisted by the political class in the country.He reiterated  that more than N2.73 trillion out of the N3.23 trillion currency in circulation is outside the banking sector which he  said is unacceptable.He noted that, with the new development, the CBN aims to take control of money supply by mopping up all cash from the economy, both within the vaults of banks and in the hands of citizens.He added that, the naira notes currently in use will remain as legal tenders till 31st January, 2023.He thanked the President for his unwavering support for the redesign and distribution of the new notes, which he said will control inflation, make policies more effective, ensure financial inclusion and fight corruption.The CBN Governor also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.Emefiele also appreciated President Buhari for his insistence that the initial notes must be designed and produced within the country, further placing confidence in Nigerian Security Printing and Minting.“Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,” he added.The CBN Governor listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.This is the first time in almost 20 years that Nigeria will redesign it’s naira notes.



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