New Naira Notes
Muhammadu Buhari has finally unveiled the new N200, N500, and N1000 notes in Abuja
The new Naira notes were presented precisely 28 days after the governor of the Central Bank of Nigeria announced the decision.
The Central Bank of Nigeria had, in October 2022, announced the decision to produce new notes to help fight inflation.
President Buhari unveiled the new currency this morning before the Federal Executive Council meeting at the State House, Abuja.
The apex bank has also decided to change the date on which the Naira notes will enter circulation and become the new legal tender.
The new notes would now go into circulation before the December 15, 2022 date earlier stated by the central bank.
At the launch of the new Naira notes, President Buhari praised CBN Governor, Godwin Emefiele for the Naira notes policy.
The 1000 Naira banknote is the highest-value paper money note in Nigeria.
On the obverse side of the N1000 bill are the portraits of Mallam Aliyu Mai-Bornu and Dr Clement Nyong Isong.
Both men were governors: the former of the Central Bank of Nigeria and the latter of Cross River state, South Nigeria.
The obverse of the 500 Naira note features a portrait of Nnamdi Azikiwe. The reverse features an off-shore oil rig.
No changes were made also to the image on the N200 notes, which features Ahmadu Ibrahim Bello, Sardauna of Sokoto, Northern Nigeria’s Premier.
Meanwhile, President Muhammadu Buhari has showered praises on the Central Bank of Nigeria (CBN) governor for the initiative to redesign Nigerian currency.
Buhari also expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.
However, Nigerians reacting to the new Naira notes has spot similarity with China’s currency while many express anxiety that printing of the new Naira notes may cost the country billions.
