New Naira Notes: Features of Re-Designed Naira Notes You should know

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Gov, Emefiele Explains Features of Notes

New elements of the have been revealed by the federal government.

Godwin Emefiele- CBN Governor

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Speaking on the new features, the governor of the Central Bank of Nigeria, Godwin Emefiele, told State House Correspondents that the redesign was in keeping with international best practises and that it was required for the naira to be redesigned and reissued every five to eight years.

Read Also: Group faults CBN move to redesign naira notes

He claims that the 19-year delay in the naira’s redesign is regretful and is the result of previous administrations’ lack of political determination.

“I must admit that the CBN has previously encountered resistance while attempting to redesign and reissue the naira notes.

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New Naira Notes

New Naira Notes in graphic

Only has shown the bravery to do this, he claimed.

Emefiele emphasised that the practise would become a regular pattern after five to eight years and that redesigning and reissuing the notes was the CBN’s mission.

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According to him, the CBN will start redesigning and reissuing the naira every five to eight years as of today.

The governor of the Central Bank of Nigeria (CBN) declared that Nigeria had gone cashless and that security agencies would watch over anyone making withdrawals at the counter to determine how much was taken out and how the money was used.

You May Also Read: Buhari, Moghalu Backs Emefiele’s Call for Naira Re-design Amidst Finance Minister’s Rejection

He refuted claims that anyone, notably the political class, was the objective of the policy.

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He claimed that the CBN was committed to seeing that the law’s requirement regarding the amount of money a person should carry be upheld.

“The CBN and the rest of the world have both transitioned to cashless economies. The amount of money that someone can withdraw over the counter will be limited.

To find out the cause of this withdrawal, we will check the person’s data in the future, he said.

Also Read: Adeboye Slam FG over Naira redesign Amidst Constant Depreciation

The CBN chairman responded to requests for extensions of time to use old notes by saying, “We would not go with anyone that want extensions of time.

This newly created currency will be accepted as legal tender starting today.

Emefiele emphasised that there are over a million locations across the nation where people can go and deposit their old notes, adding that no local government area in the nation is without a bank agent.

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The head of the CBN also bragged about how the new naira notes’ features prevent counterfeiting.

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