President Muhammadu Buhari has launched the new Naira notes redesigned by the Central Bank of Nigeria and printed locally by the Nigeria Security Printing and Minting company.
The newly-designed currency are in the denominations of 1000, 500, and 200 notes.
At the ceremony, President Buhari said the redesigned notes would checkmate the compromise that had prompted the breaches being experienced in the monetary system.
The President debunked the insinuation that the redesigning of the notes was targeted at some individuals, stressing that it is done in good faith.
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, had emphasised the the decision to redesign the affected denominations was born out of the the necessity to save the country’s integrity.
Mr. Emefiele assured Nigerians that the policy would control inflation, as hoarded Naira notes would be brought back into the banking system and make the nation’s monetary policy more effective.
He said the redesigning of the currency would engender financial inclusion and pave the way for a cashless economy.