President Muhammadu Buhari officially revealed the redesigned Naira Notes suggested by the Central Bank of Nigeria on Wednesday (CBN).
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, stated on Tuesday that the president will reveal the newly designed N1,000, N500, and N200 notes.
Nigeria will revamp its currency notes for the first time in 19 years, as announced today.
Following the release of the new notes, which go into circulation today, the governor of the Central Bank of Nigeria stated that the central bank is now even more motivated to make Nigeria a cashless economy, as it is in other countries.
President Buhari emphasized the necessity of redesigning the new naira notes during the ceremony held prior to the council meeting. He explained that it will help the government solve the issue of illicit financial flows, corruption, enhance the nation’s economy, and ensure the naira’s value rises.
President Buhari noted that the first batch of money, which was manufactured domestically by the Nigeria printing and minting company, will fundamentally prohibit counterfeiting of the naira notes, noting that the currency redesign will also improve the CBN’s Monetary policy initiative.
The president, on the other hand, made an appeal to Nigerians, urging them to support the new program to redesign the naira.
Some Nigerians are dissatisfied with the ‘changes’ identified in the appearance of the new notes that have begun circulating on the internet.
Taaooma wrote: Who colour grades these monies? Abi ink don finish for Printer?
Nikki Laoye wrote: Is this a joke or ? Because I am genuinely confused! This ain’t real right?
Sam Speedy wrote: What kind of a country is this?
The_hair_police wrote: I cant see any difference.
Iamnafizat wrote: Is this redesign or colour painting?
Be.a.diamond wrote: They just dey deceive us with colours.