President Muhammadu Buhari has unveiled the redesigned naira notes on Wednesday in Abuja.
The redesigned notes are N1000, N500 and N200 denominations.
In attendance at the event was the governorof the Central Bank of Nigeria (CBN), Godwin Emefiele, Secretary to the Government of the Federation, Boss Mustapha, Chief of Staff to the President, Ibrahim Gambari and Head of Civil Service of the Federation,Folashade Yemi-Esan.
Speaking during unveiling, Buhari said 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.
The President said, the first set of the currency, which was printed locally by the Nigeria Printing and Minting Company (NPMC) will prevent counterfeiting of the notes.
In his remarks, Emefiele said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.
He said the naira notes currently in use will remain as legal tender till 31st January, 2023.
The CBN governor had on October 26, 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.
