Buhari Unveils Redesigned N200, N500 And N1,000 Notes
The new notes were unveiled by Buhari shortly before the weekly meeting of Federal Executive Council at the Presidential Vialla, Abuja, with the Governor of the Central Bank of Nigeria (CBN) in attendance.
Buhari while unveiling the new notes said they were fortified with security features that would make the counterfeiting of naira notes very difficult.
According to Buhari, the redesigned notes would assist the apex bank in design and implement monetary policy.
He adds that the new notes would also curb the hoarding of the naira notes outside the banks vault.
The CBN Governor, addressing the State House correspondents, said the initiative was not targeted at anyone, but to give CBN ample control over the amount of money in circulation.
He blames the 20 year delay in redesigning the notes on the lack of political will by previous administration, adding that naira notes would henceforth be redesigned every five to eight years.