President Muhammadu Buhari on Wednesday said, among other reasons, he approved the redesign of the higher denominations of the Naira in order to address the hoarding of Naira banknotes outside the banking system.
The president gave the explanation at the launch of the redesigned ₦200, ₦500 and ₦1000 banknotes in Abuja.
He said the naira was also long overdue to wear a new look, adding that the newly-redesigned notes have been given more security features.
“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit,” President Buhari said.
“This implies that the Naira is long overdue to wear a new look.
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“In line with this power, the Central Bank Governor [Godwin Emefiele] approached me earlier 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.”
According to the president, he approved the CBN governor’s proposal because “there was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It’s on this basis that I gave my approval for the redesign of the ₦200, ₦500 and ₦1000 banknotes.”
