Buhari to unveil redesigned naira on Wednesday — Emefiele

Buhari to unveil redesigned naira on Wednesday — Emefiele

By Kadiri Abdulrahman, Abuja.

 

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says President Muhammadu Buhari will unveil new N200, N500 and N1,000 banknotes at the Federal Executive Council (FEC) meeting on Wednesday.

 

Speaking to newsmen after the Monetary Policy Committee (MPC) meeting on Tuesday, Emefiele said the unveiling of the redesigned naira notes was moved from Dec. 15 to Wednesday, Nov. 23.

 

He thanked the president for his support over the past seven years.

 

Emefiele said: “We will no longer wait till Dec.15 to unveil to new Naira notes, Mr President has graciously accepted to unveil the notes on Wednesday.

 

“We thank Mr President, not just because he gave approval to the CBN to embark on this programme, in line with provisions of the CBN Act.

 

“We also thank Mr President because at a time when we were beginning to face criticism, without being prompted, he has come out twice to defend the action of the CBN.

 

“We thank him for this and other supports the CBN has received from him over the past seven years.”

 

The CBN governor also thanked the National Assembly for its support, in spite of pressures to do otherwise; while appreciating security agencies like the Economic and Financial Crimes Commission (EFCC) and Nigerians at large.

 

According to him, the deadline for depositing the old notes in banks will not be extended.

 

“We will not shift any deadline. What we have done is not against the law.

 

“We announced this programme on Oct. 26, and we said that upon release of the new currency, its legal tender status will run concurrently with the old currency until Jan. 31, 2023.

 

“That is almost 100 days. 100 days is enough for people across the country to deposit their old currencies in banks.

 

“We have made adequate provisions for them be able to deposit their old currencies,” he said.

 

Emefiele, however, said that the apex bank did not consider Nigerians living overseas in its naira redesign decisions because “they are not supposed to be spending the naira.”

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