Nigerian government unveils new naira notes

The Nigerian Government on Wednesday formally unveiled the new naira notes, with denominations of N200, N500 and N1, 000, while the old notes would still be valid until the 31st January, 2023, as made known by the Central Bank of Nigeria (CBN).

Penpushing reports that, President Muhammadu Buhari   unveiled the currency at the Council Chambers of the Presidential Villa, Abuja, shortly before the commencement of the Federal Executive Council meeting.

The Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, while speaking at the event said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.

Penpushing further reports that  Emefiele also spoke about the security dimension of the decision to redesign the notes, while it is recalled that he had earlier said in October that N2.73 trillion of total N3.23 trillion currency in circulation remained outside the country’s banking system, making it difficult for monetary policies to be effective.

“In view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and kidnapping would be minimized as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up,” he said.

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