Buhari unveils redesigned naira notes

THE Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has explained why it would be difficult to produce counterfeits of the newly redesigned naira notes.

Emefiele spoke today at the official unveiling of the newly redesigned currency notes of N200, N500 and N1000 notes by President Muhammadu Buhari, at the Presidential Villa in Abuja.


Naira redesign: Buhari to unveil new notes on Wednesday as CBN rules out extension

Naira Redesign: Abuja Chamber seeks extension of deadline

Naira redesign: CUPP warns against extension

Naira redesign: Miyetti Allah asks CBN for three months extension

Redesigned N200 note
Redesigned N200 note

He declared that stiff measures would be in place to monitor volume of cash withdrawals at the counter, as there would be periodic redesigning every five to eight years to check influx of counterfeit notes.

The new redesigned N500 note

“The CBN will intensify the monitoring process and interrogate the process of withdrawals of the new notes,” Emefiele said.

    He stressed that the apex bank would work closely with the Economic and Financial Crimes Commission (EFCC) to track purposes of heavy withdrawals.

    The newly redesigned N1000 note

    The unveiling today marked the first time in 19 years that Nigeria would be redesigning its currency notes.

    At a briefing after the unveiling ceremony before the Federal Executive Council meeting, the CBN governor debunked the insinuation that the early unveiling of new notes was targeted at some Nigerians.

    The redesigned notes have a strong feature of a ‘bleached’ currency with strong durability, and other security features that make them slightly different from the rested ones.


    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation


    Please enter your comment!
    Please enter your name here

    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement