President Muhammadu Buhari has finally unveiled the re-designed N200, N500 and N1000 notes at the commencement of the weekly meeting of Federal Executive Council.According to a tweet by the president’s assistant on social media, Bashir Ahmad, Buhari unveiled the redesigned N200, N500, N1000 notes today.
But Central Bank of Nigeria (CBN) says the redesignation of the notes would amount to a waste of resources if they are pumped into the economy unchecked, adding that the volume of higher denominations would have to be reduced to check inflation.
Hassan Mahmud, Director monetary policy dept, who featured on the Arise Television’s popular program, The Money Show on Wednesday said besides the exercise ensuring that money outside the system is captured and brought back, it is also an opportunity for the effective use of online platforms for transactions.
At the unveiling ceremony, Buhari was flanked by cabinet officials, including the CBN Governor, Godwin Emefiele.
ALSO READ:CBN Plans Additional Measures On Inflation, Hikes Interest Rate, Reduces Volume Of Notes In Circulation
The new notes
The new Naira notes will become legal tender commencing from December 15, while the old ones will cease to be legal tender effective February 1, 2023.
This is the first time in 19 years that Nigeria will be redesigning some of her currency notes
