Buhari Unveils Redesigned N1000, N500, N200 Notes.

President Muhammadu Buhari Wednesday unveiled the redesigned N1000, N5000 and N200 naira notes.

The President performed the ceremony shortly before the commencement of the weekly Federal Executive Council (FEC) meeting inside the Council Chamber of the State House, Abuja.

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Speaking with newsmen after the ceremony, Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, expressed the determination of the apex bank to make Nigeria a cashless economy. 

According to him, the amount of money that can be withdrawn across the counter will be drastically restricted, adding that anyone who wants to withdraw substantial cash would be tracked by security agents to determine its use.

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He insisted that the January 31, 2023 deadline for the exchange of the old notes will not be extended, noting that there are over one million points in the country where people can deposit the old notes.

Emefiele said the apex bank must now regularly redesign currency after every five to eight years.

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Details later…

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