Nigeria’s President Muhammadu Buhari has unveiled the newly redesigned naira notes as proposed by the Central Bank of Nigeria. The new currency notes had been unveiled on Wednesday morning, November 23 before the Federal Executive Council, FEC, meeting at the state house, in FCT, Abuja.
The governor of CBN, Godwin Emefiele, was in attendance at the unveiling ceremony.
Recall that the date to start circulating the naira notes had been proposed for December 15, 2022.
The central bank of Nigeria had announced that it would redesign the naira notes to be able to control the amount of currency in circulation, manage inflation, and fight counterfeiting.
The apex bank had also revealed that it had made plans for simple exchange in response to the worries about Nigerians in rural areas meeting up with the deadline for the circulation of old naira notes, especially with the short deadline for submitting the old notes.
According to the apex bank, it was collaborating with pertinent financial system agencies during implementation. This was so that the older citizens of Nigeria are not disadvantaged during the exercise.