Buhari presents redesigned naira notes, Emefiele says notes cannot be counterfeited

President Muhammadu Buhari on Wednesday presented the new currency notes before the Federal Executive Council meeting at the State House, Abuja.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, was in attendance during the presentation.

Earlier, at a briefing after the ceremony before the FEC meeting, the CBN governor debunked insinuations that the early unveiling of new notes was to target some Nigerians.

Emefiele added that the CBN would intensify the monitoring process and interrogate the process of withdrawals.

He maintained that there would be heavy restriction on the volume of cash that people can withdraw over the counter, as it would work with the Economic and Financial Crimes Commission to monitor the purpose of any heavy transactions.

The CBN governor said the redesigned currency notes could never be counterfeited, adding that to forestall such occurrence, the CBN would redesign the notes after every five to eight years.

Following the unveiling, the circulation of the new notes would begin today.