President Muhammadu Buhari Wednesday unveiled the new notes of the three highest denominations of the Nigerian forex: N200, N500 and N1,000.
The revealing was performed on the Council Chambers of the Presidential Villa, Abuja, shortly earlier than the graduation of the Federal Government Council assembly.
Talking on the occasion, the Governor of the Central Financial institution of Nigeria, (CBN) Godwin Emefiele, mentioned the introduction of new notes was a deliberate step by authorities to test corruption and counterfeiting of the notes.
Mr Emefiele had earlier mentioned in October that N2.73 trillion of whole N3.23 trillion forex in circulation remained outdoors the nation’s banking system, making it tough for financial insurance policies to be efficient.
He additionally spoke concerning the safety dimension of the choice to revamp the notes.
“In view of the prevailing degree of safety scenario within the nation, the CBN is satisfied that the incidents of terrorism and kidnapping can be minimized as entry to the big quantity of cash outdoors the banking system used as supply of funds for ransom funds will start to dry up,” he mentioned.
The outdated notes would nonetheless be legitimate till the thirty first January, 2023. On the financial institution’s financial coverage assembly on Tuesday, Mr Emefiele mentioned the January deadline won’t be prolonged.
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