The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Wednesday, said Naira will be redesigned every five to eight years.
Emefiele disclosed this while explaining the features of the new redesigned Naira notes, today, in Abuja
According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.
He said; “In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so.”
Emefiele said it is the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise will become a regular trend after five to eight years, as it is in line with the Global best practices.
He said; ‘’After today, the CBN will begin to redesign and reissue the naira for every five to eight years”
The CBN Governor said that Nigeria has gone cashless and that security agencies will monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.
Emefiele also debunked insinuations that the policy is targeted at anyone, especially the political class.
He said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.
He said; “The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal.”
Commenting on calls for extension of time for the usage of old notes, the CBN boss said, “We will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.”
Emefiele also said there is no local government area in the Country where there is no bank agent, insisting that there is over one million points across the Country that people should go and deposit the old notes.
The CBN boss also boasted that the new naira notes cannot be counterfeited because of the features in them.