- President Buhari has showered praises on the Central bank of Nigeria on naira notes redesign
- The new naira notes include 200, 500, and 1000, which were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc
- Buhari says the new Naira note has advanced technology that makes it difficult to counterfeit by fraudsters
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President Muhammadu Buhari has praised the governor of the Central Bank of Nigeria (CBN) for introducing new naira notes.
Buhari was particularly pleased that the new notes were made locally by the Nigerian Security Printing and Minting (NSPM) Plc using high-tech.
The president spoke at the unveiling of the new naira notes during the Federal Executive Council (FEC) meeting on Wednesday, 22 November 2022, in Abuja.
Why is Buhari proud with new naira notes
He revealed that the CBN has fortified the new banknotes with security features that make them difficult to counterfeit while unveiling them.
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He also thanked NSPM PLC's Managing Director, Executive Directors, and employees for working tirelessly with the apex bank to make the currency redesign a reality and quickly printing the new Naira notes.
"A cycle of banknote redesign is often intended to achieve certain goals, including, but not limited to, enhancing banknote security.
"It also aims to reduce counterfeiting, preserve collective national heritage, control currency in circulation, and lower overall currency management costs.
"As is well known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grant the CBN the power to issue and redesign the Naira.
"In accordance with this power, the bank's Governor approached me earlier this year to seek my permission to embark on a currency redesign project.
"I took into account all of the facts and explanations offered to me by the Central Bank."
Buhari lists expectations for CBN
Buhari, therefore, expressed the hope that the new notes would address the urgent need to take control of currency in circulation.
He said that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation.
Buhari added that the redesigned notes would also address the increase in counterfeiting of high-denomination Naira banknotes.
"While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries, and Nigeria is one.
”Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by NSPM Plc."
In his remarks, Emefiele thanked the president for his unwavering support for redesigning and distributing the new notes.
The Punch reports that the CBN governor assured the president that the new notes will control inflation, make its policies more effective, ensure financial inclusion and fight corruption.
Nigerian banks announce new working days, closing time
Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails
Details of the contents of their emails and changes were captured by Legit.ng.