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Why Naira Notes Were Redesigned – President Buhari

by Victor Ndubuisi
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President Muhammadu Buhari explained why he authorized the redesign of the 200, 500, and 1000 banknotes on Wednesday.

Buhari said at the launch of the new banknotes in Abuja that he gave the Central Bank of Nigeria (CBN) permission to redesign the 200, 500, and 1000 banknotes since the Naira has been in need of a facelift for some time.

According to Buhari, “the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.

BREAKING: CBN To Release Redesigned Naira Banknotes In December

“This implies that the Naira is long overdue to wear a new look.”

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Buhari added, “In line with this power, the Central Bank Governor [Godwin Emefiele] approached me earlier 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’s on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.”

 

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