President Muhammadu Buhari has unveiled the newly redesigned N200, N500 and N1,000 banknotes, by the Central Bank of Nigeria (CBN) and expressed optimism that the redesigned notes will help address illicit financial flows and corruption, thereby improving the nation’s economy and boosting the value of the Naira.

The President unveiled the new notes at the Presidential villa Abuja which preceded the Federal Executive Council (FEC) meeting, the President expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.

President Buhari explained the basis for granting approval for the currency redesign to include the fortification of the new designs with security features that make them difficult to counterfeit. Additionally, he said the new bank notes would help the apex bank to implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

The apex bank had said that the redesigned notes would start circulating from December 15, 2022 while the old notes would continue to be used until January 31, 2023.

The Central Bank of Nigeria Governor, Mr. Godwin Emefiele explained the features of the redesigned notes to State House correspondents.

Emefiele told Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

Mr. Emefiele, announced on Tuesday at a media briefing to mark the end of the 288th Monetary Policy Committee meeting and the last in 2022, urged those in possession of the old notes to hurriedly deposit them at the nearest bank branch.

According to him, this would enable them to beat the Jan. 31, 2023 deadline to dispose of the old notes. He expressed regrets that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.

His words: “In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.

The CBN Governor said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.

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

The first set of the newly unveiled Naira note series was printed locally by the Nigeria printing and minting company and is expected to fundamentally prevent counterfeiting of the currency.