NEW REDESIGNED NAIRA NOTES: HERE IS WHAT YOU SHOULD KNOW 

Did you know that the Nigerian naira is to be mandatorily redesigned and re-issued every five to eight years in line with global practices, according to the apex bank governor, Godwin Emefiele?

On Wednesday, 23 November 2023, Nigeria's sitting President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1,000 Nigerian Naira notes that will be in circulation 2023. The President unveiled the new currency notes in the morning before the federal executive council (FEC) meeting at the state house, Abuja. Here are some facts to know about the redesigned banknotes.

FACT 1: According to the CBN, the new naira notes cannot be counterfeited because of the features in them.

FACT 2: For over 19 years, the CBN has not redesigned the country's currency, citing the lack of political will from previous administrations.

FACT 3: Security agencies will henceforth monitor withdrawals and usage of the redesigned banknotes in a bid to encourage the cashless policy of the government aimed at reducing volumes of money that one should carry.

FACT 4: Before embarking on the redesigning of banknotes, more than N2.73 trillion out of the N3.23 trillion currency in circulation is outside the banking sector. With the redesigned banknotes, the CBN aims to take control of money supply by mopping up all cash from the economy, both within the vaults of banks and in the hands of citizens.

FACT 5: Contrary to speculation, the policy is not expected to have fundamental implications for the value of the currency, as it is only a matter of change in features and aesthetics.

FACT 6: The move by the CBN to redesign the banknotes is also a way to withdraw currency from circulation, an unorthodox way of tightening the money supply since the country is battling high inflation.

FACT 7: The management of the apex bank relied on provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007 to seek and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of the N200, N500, and N1,000 banknotes.

FACT 8: The old banknotes of N200, N500, and N1,000 would still be valid until the 31st of January, 2023, as stated by the CBN.

Sources:

https://dailypost.ng/2022/11/23/cbn-gov-emefiele-explains-features-of-new-naira-notes/

https://www.premiumtimesng.com/business/business-news/566914-photos-buhari-unveils-nigerias-new-naira-notes.html