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  After much trumpeting of naira redesign, CBN and the President of Nigeria, Muhammadu, Buhari finally unveiled the new currency notes on Wednesday morning before the federal executive council (FEC) meeting at the state house, Abuja.
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In attendance was also the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele who handed over wads of samples of newly designed naira notes to the president. Meanwhile, at a briefing after the ceremony before the Federal executive council meeting, the CBN governor discredited aspersion that the initial unveiling of new notes is a means to target any Nigerian. Mr Emefiele appealed to members of the public that there is no need to perpetuate any such information.
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According to him, the CBN will strengthen the monitoring procedure and scrutinize the process of withdrawals. He noted that there will be strong restrictions on the quantity of cash that people can withdraw over the counter, as it works with the EFCC to monitor the intention of any huge transactions.
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The CBN governor stated that the redesigned currency can never be forged. He added that to forestall such occurrences the CBN redesign the notes after every five to eight years. Attending the unveiling of the new note which begins circulation today, the CBN governor declared openly that the CBN is now more committed to making Nigeria a cashless economy, as in other countries. Featured Image Source: Daily Trust
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This article was first published on 23rd November 2022 and updated on November 29th, 2022 at 2:45 pm

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.


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