Why I backed CBN to redesign Naira notes – Buhari

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President Muhammadu Buhari on Wednesday explained in detail the basis for his approval to CBN to redesign the N200, N‎500, and N‎1000 banknotes.

Buhari also expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.

Buhari spoke at the inauguration of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja.

According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.

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He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage.

He equally thanked the Managing Director, Executive Directors, and staffers of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”

Buhari said, “A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to improving security of banknotes.

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“It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

“As is known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grants the CBN the power to issue and redesign the Naira.

“In line with this power, the bank’s Governor approached me earlier in this year to seek my permission to embark on a currency redesign project.

“I considered all the facts and reasons presented before me by the Central Bank.”

Buhari, therefore, expressed the hope that the new notes would address the urgent need to take control of currency in circulation.

He said that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation.

Buhari added that the redesigned notes would also address the increase in counterfeiting of high-denomination Naira banknotes.

In his remarks, Emefiele thanked the president for his unwavering support for the redesign and distribution of the new notes.

According to him, the new notes will control inflation, make policies more effective, ensure financial inclusion and fight corruption.