Buhari Unveils Redesigned Naira Notes

President Muhammadu Buhari has unveiled the redesigned naira denominations of N1000, N500 and N200.

He performed the ceremony shortly before the commencement of the weekly Federal Executive Council (FEC) meeting inside the Council Chamber of the Presidential Villa, Abuja on Wednesday.

Fielding questions from correspondents after the event, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the apex bank is determined to make Nigeria a cashless economy.

He said the amount of money that can be withdrawn from the counter will be drastically restricted, noting that anyone who wants to withdraw substantial cash would be tracked by security agents to determine its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

He 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 apex bank must now regularly redesign currency after every five to eight years.



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