Nigeria President Muhammadu Buhari on Wednesday unveiled the new redesigned ₦200, ₦500 and ₦1000 banknotes in state house Abuja.
Speaking at the launch of the new banknotes, which preceded the Federal Executive Council (FEC) meeting, the President explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 and ₦1000 banknotes.
He said, ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
’’He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.
Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years, the President noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.
The Governor of CBN, Godwin Emefiele, thanked the President for his unwavering support for the redesign and distribution of the new notes, which he said will control inflation, make policies more effective, ensure financial inclusion and fight corruption.
The CBN Governor also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.