President Muhammadu Buhari today unveiled the new naira notes before the federal executive council (FEC) meeting at the state house, Abuja.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele who was present at the unveiling ceremony stated that with the new notes in circulation, there will be heavy restriction on the volume of cash that people can withdraw over the counter. He went on to say that the redesigned currency can never be counterfeited, emphasizing that to forestall such occurrence the CBN would redesign the notes after every five to eight years.
Following the unveiling of the new notes, Nigerians have gone ahead to share their thoughts and opinions about the look of the redesigned currency.
The CBN 1k Note:
(President Peter Obi, Emefiele, Bleaching, Saro, iPhone 13, Reno, Oyo State, Enugu,
The 1k, Shola, Psquare, Shola, Governor Okowa) pic.twitter.com/PCTvCzmzmq
— SIR LAW THE GAME CHANGER PhD (@OfficialSirLaw) November 23, 2022
The CBN really went back in time! Agba Flash! pic.twitter.com/CmlxDLtOr7
— Sam (@TryDeyRest) November 23, 2022
Recall that on October 26, 2022, at a press conference, the governor of the Central Bank of Nigeria announced that new Naira notes will be introduced on December 8, 2022, to replace the existing N200, N500, and N1,000 notes.
The old notes would remain legal tender till the end of January 2023. He then explained that change of currency is recommended within the interval of 5 to 7 years, but the last time Nigeria embarked on this exercise was in 1984. And therefore this exercise is overdue.
Another reason for the new notes according the CBN governor is to correct the existing issue whereby 85 percent of the currency in circulation is outside the banking system.