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FG Unveils New Naira Notes To General Public [Photos]

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FG Unveils New Naira Notes To General Public [Photos]

FG has unveiled the new Naira notes to the general public.

News One reports that the Federal Government through President Muhammadu Buhari, on Wednesday morning, November 23, 2022, unveiled the redesigned naira notes across the N200, N500, and N1,000 denominations.

This online news platform understands that President Buhari unveiled the new Naira notes at the Council Chambers of the State House shortly before the kickoff of this week’s Federal Executive Council meeting.

Fielding questions from correspondents after the unveiling of Nigeria new naira notes, Governor of the Central Bank of Nigeria, Godwin Emefiele, insisted that the move is not targeted at anyone.

Rather, he said the new nigeria currency would give the apex bank ample control over the amount of money in circulation.

FG Unveils New Naira Notes To General Public [Photos]

The new Naira notes

“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.

“In the past, attempts to redesign and reissue currencies have been resisted. Only a President of Muhammadu Buhari’s character could have made it happen,” he said.

At the briefing, Emefiele added that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawal would require several procedures and security checks to track its use.

News One Nigeria reports that this the CBN governor Emefiele said would ensure a steady transition into a cashless economy.

FG Unveils New Naira Notes To General Public [Photos]

The new Naira notes.

The CBN governor also argued that Nigerians have ample time to return the old naira 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.”

The CBN governor Emefiele said the apex bank will now redesign the currency after every five to eight years, as empowered by the constitution.

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