President Muhammadu Buhari on Wednesday unveiled the re-designed Naira Notes as proposed by the Central Bank of Nigeria (CBN).
At a briefing after the ceremony before the Federal Executive Council meeting, Emefiele said that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it would work with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.
He claimed that the redesigned currency note can never be counterfeited.
To check against such, the CBN will redesign the notes after every five to eight years, he said.
The CBN governor also said the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.
President buhari on his part stressed the importance of re-designing the new naira notes, noting that it will aide the country address the issue of Illicit financial flows, corruption, improve the nation’s economy, as well as ensure and advancement in the value of the naira.
Noting that the currency redesign will also boost the CBN’s Monetary policy initiative, President Buhari stated that the first set of currency which was printed locally by the Nigeria printing and minting company, will fundamentally prevent counterfeiting of the naira notes.
Buhari appealed to Nigerians and urged them to embrace the new policy to re-design the naira.