President Buhari Unveils New Naira Notes – See Photos

President Buhari Unveils New Naira Notes – See Photos

The new N200, N500, and N1,000 notes were unveiled on Wednesday by President Muhammadu Buhari in the Council Chamber of the Presidential Villa in Abuja.

Before the weekly Federal Executive Council, FEC, meeting that was chaired by President Buhari, the new notes were unveiled.

After the brief ceremony, Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, told reporters at the White House that, in accordance with international tradition, the naira should be updated and reissued every five to eight years.

He regretted that the previous administration’s lack of political will had prevented Nigeria from redesigning the naira for around 19 years.

According to him, “In the past, I have to confess that attempts by the CBN to redesign and reissue the naira notes have been resisted. It is only President Muhammadu Buhari that has the courage to do so.”

Emefiele said it was the mandate of the CBN, to redesign and reissue the notes, assuring that henceforth, the exercise would take place after five to eight years.

“After today, the CBN will begin to redesign and reissue the naira every five to eight years,” he said.

Emefiele said that the CBN was determined in ensuring that the provision of the law on the volume of money one should carry is followed.

“The world has moved to a cashless economy and the CBN has moved to a cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.

For those calling for an extension of time for the usage of the old notes, the CBN boss said, “we will not go with people that want an extension of time. From today, this currency that was re-issued will become a legal tender.”

He said there is no local government area in the country where there is no bank agent, adding that there is over one million points across the country where people should go and deposit the old notes.

Below are images of the new naira notes:

N1000 New Naira Note

N500 New Naira Notes

N200 Naira New Note

 

President Buhari Unveils New Naira Notes