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Buhari Unveils New Naira Notes

Buhari Unveils New Naira Notes 

Printing new naira notes cost N75.52 billion in 2019 and N58.07 billion in 2020, respectively.

By Omotayo Olutekunbi

Prior to the Federal Executive Council (FEC) meeting at the state house in Abuja on Wednesday morning, President Muhammadu Buhari revealed the new currency notes.

During the unveiling event, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), was present.

The CBN governor, meanwhile, refuted claims that the early release of fresh notes is a strategy to target any Nigerian during a briefing following the ceremony before the Federal Executive Council meeting.

There is no need to spread this kind of information, Mr. Emefiele pleaded with the populace.

He says that the CBN would scrutinize the withdrawal procedure and step up its monitoring efforts.

As it collaborates with the EFCC to track the purpose of any significant transactions, he insisted that there will be severe limitations on the amount of cash that people may withdraw over the counter.

He says that the newly designed currency note cannot ever be counterfeited and adds that the CBN redesigns the notes every five to eight years to prevent this from happening.

The CBN governor said that the CBN is now more motivated to turn Nigeria into a cashless economy, as is the case in other countries, following the debut of the new note that goes into circulation today.

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