Redesigned Naira: Buhari unveils new naira notes as CBN insists on cashless economy

President Muhammadu Buhari on Wednesday officially unveiled the newly redesigned naira denominations of ₦‎1000, ₦‎500 and ₦‎200 introduced by the Central Bank of Nigeria (CBN).

President Muhammadu Buhari on Wednesday officially unveiled the newly redesigned naira denominations of ₦‎1000, ₦‎500 and ₦‎200 introduced by the Central Bank of Nigeria (CBN).

The newly redesigned naira launch preceded the weekly Federal Executive Council (FEC) held inside the Council Chamber of the Presidential Villa, Abuja.

Fielding questions from newsmen after the event, CBN Governor, Godwin Emefiele, said the CBN is fully poised to make Nigeria a cashless economy.

He added that the quantum of money that can be withdrawn from the counter will be drastically restricted, noting that anyone who wants to withdraw substantial cash would be tracked by security agencies to determine its use.

Continuing, the apex bank governor insisted that the January 31st deadline for the exchange of old notes will not be extended, noting that there are over 1 million points in the country where people can deposit their old notes.

Emefiele said the CBN must now regularly redesign currency after every five to eight years as policy demands.

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