President Muhammadu Buhari has unveiled the redesigned Naira notes today at the Council Chambers of the State House in Abuja before the start of this week’s Federal Executive Council meeting.
The Governor of the Central Bank of Nigeria, Godwin Emefiele while confirming unveiling of the redesigned N200, N500 and N1,000 denominations. insisted that the move is not targeted at anyone.
Emefiele said the redesigned notes would give the apex bank ample control over the amount of money in circulation.
According to Emefiele, the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawal would require several procedures and security checks to track its use.
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.
Emefiele said the apex bank will now redesign the currency after every five to eight years, as empowered by the constitution.
What is your take on this development?