President Muhammadu Buhari of Nigeria, unveiled the Country’s new Naira notes on Wednesday morning ahead of the Federal Executive Council (FEC) meeting at State House in Abuja.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emifiele, was present at the opening ceremony.
Meanwhile, at a press conference after the ceremony, the Governor of the Bank of Canada dismissed suggestions that the early release of the new bills was a way to target every Nigerian.
Mr. Emefiele argued that the early release is in the interest of the Nigerian public and as such, there is no need for information similar to that of the Governor of the bank of Canada to receive public attention.
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According to him, CBN will intensify the verification process and question the withdrawal process.
He stressed that the amount of money people can withdraw without a prescription will be severely limited as he works with the country’s major anti-graft agency (EFCC) to oversee the purpose of all heavy transactions.
The redesigned currency he maintains, can never be counterfeited and he added that to prevent such an event, the CBN will redesign the country’s banknotes every five to eight years.
After unveiling the new currency, which will be traded today, the CBN Governor announced that the Central Bank of Nigeria is now more determined to make Nigeria a cashless economy like other climates.