President Muhammadu Buhari has unveiled the redesigned new naira notes of N200, N500, and N1,000 denominations by the Central Bank of Nigeria(CBN)
The unveiling took place at the presidential villa on Wednesday shortly before the weekly Federal Executive Council meeting.
Speaking at the event, the CBN governor Godwin Emefiele said the redesign of the naira is not targeted at anyone.
Rather, he said the redesigned notes would give the apex bank ample control over the amount of money in circulation.
“This move is to enable the Central Bank of Nigeria have control over the size of money in circulation
“There is no need to think that the programme is targeted at anyone. During my speech at the unveiling, I said that plans for this started early in the year. We considered the pros and cons carefully.
“In the past, attempts to redesign and reissue currencies have been resisted. Only a President of Muhammadu Buhari’s character could have made it happen,” he said.