President Muhammadu Buhari, has on Wednesday, revealed the reasons why he approved the redesign of the N200, N500 and N1,000 notes, learnt.
The President spoke at the launch of the new banknotes by the Central Bank of Nigeria, CBN, in Abuja, earlier today.
He stated among others, that he gave the Central Bank of Nigeria permission to redesign the N200, N500 and N1,000 banknotes, because the Naira was long overdue to wear a new look.
According to President Buhari: “The new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
“This implies that the Naira is long overdue to wear a new look.
“In line with this power, the Central Bank Governor approached me earlier this year, to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.
“There was an urgent need to take control of currency in circulation, and to address the hoarding of Naira banknotes outside the Banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the N200, N500 and N1,000 banknotes.”