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BREAKING: CBN Gov, Emefiele explains the features of the new naira notes

The Governor of the Central Bank of Nigeria, Godwin Emifiele, explained the features of the redesigned notes.

Emefiele told reporters for the State Council that it was in line with global best practice, noting that it was mandatory for the naira to be redesigned and reissued every five to eight years.

According to him, it is unfortunate that Al Naira was not redesigned 19 years ago due to the lack of political will from the previous administrations.

“In the past, I have to admit, attempts by the Central Bank of Nigeria to redesign and reissue naira notes have been resisted. Only President Muhammadu Buhari has shown the courage to do so,” he said.

The mandate of the Central Bank of Nigeria is to redesign and reissue notes, Emphale said, stressing that the exercise will become a regular trend after five to eight years.

His words, “After today, CBN will start redesigning and reissuing naira every five to eight years.”

CBN Governor said Nigeria is becoming cashless and security agencies will monitor people who withdraw at the counter to see how much they withdraw as well as monitor the use of funds.

He debunked insinuations that politics target anyone, especially the political class.

He said the Central Bank of Nigeria is determined to ensure that the provisions of the law are followed on how much money one must carry.

The world has moved to a cashless economy and the Central Bank of Nigeria has shifted to a cashless economy. We will restrict the amount of cash someone will withdraw over the counter. We will follow up with the person’s data to find out the reason for this withdrawal.

Commenting on calls to extend the time to use old notes, the CBN boss said: “We will not go with people who want to extend the time. Starting today, this reissued coin will become legal tender.”

Emphill also said that there was no local government area in the country where there was no bank agent, and insisted that there were more than a million points across the country where people should go and deposit old banknotes.

The CBN boss also bragged that the new naira notes cannot be forged because of the features in them.

BREAKING: CBN Gov, Emefiele explains the features of the new naira notes

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