Buhari unveiled the new currency notes on Wednesday morning
before the federal executive council (FEC) meeting at the state house, Abuja.
The redesigned notes presented to the public are the N1000,
N500 and N200 — the country’s highest currency denominations.
Godwin Emefiele, governor of the Central Bank of Nigeria
(CBN), was in attendance during the unveiling ceremony.
Also present at the ceremony were Boss Mustapha, secretary
to the government of the federation, Ibrahim Gambari, chief of staff to the president,
and Folashade Yemi-Esan, head of civil service of the federation.
Speaking during unveiling, Buhari underscored the importance
of redesigning the naira notes, saying it will help the country to address the
issue of illicit financial flows, corruption, improve the economy and the value
of the Nigerian currency.
He noted that the currency redesign will also help the CBN’s
monetary policy initiative.
Buhari said the first set of the currency, which was printed
locally by the Nigeria Printing and Minting Company, will prevent
counterfeiting of the notes.
He, however, appealed to Nigerians to embrace the new policy
to redesign the naira.
He added that, the naira notes currently in use will remain
as legal tender till 31st January, 2023.
Meanwhile, the development is the first time in almost 20
years that Nigeria will redesign its currency.
On October 26, Emefiele, announced the plan to redesign the
naira to control money supply and aid security agencies in tackling illicit
financial flows.
The CBN governor had said the new notes will be effective
from mid-December 2022.
However, speaking on Tuesday at the monetary policy
committee (MPC) meeting in Abuja, Emefiele said the bank will no longer wait
till December 15 to “unveil and release” the new notes.
“We will not shift any deadline,” he said.
“What we have done is not against the law. It is in tandem
with the law. We announced this program on October the 26th 2022. And we said
that upon release of the new currency, the legal tender status will run
concurrently with the old currency till 31st January 2023. That is almost 100
days. 100 days is enough for any person in any part of Nigeria to deposit his
money in the bank and get ready to withdraw cash when the new notes are
released.”