Home » Atiku Camp Reacts To New Naira Notes Unveiled By Buhari, Emefiele

Atiku Camp Reacts To New Naira Notes Unveiled By Buhari, Emefiele

Atiku Camp Reacts To New Naira Notes Unveiled By Buhari, Emefiele

The spokesman of the Atiku/Okowa Presidential Campaign Council (PCC) Daniel Bwala on Wednesday reacted to the re-designed naira notes unveiled in Abuja.

Naija News recalls President Muhammadu Buhari unveiled the re-designed N200, N500 and N1000 notes at the commencement of the weekly meeting of the Federal Executive Council (FEC) at the State House.

Buhari was flanked by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and some cabinet members while unveiling the redesigned N1,000, N500 and N200.

The new Naira notes will become legal tender commencing from December 15, while the old ones will cease to be legal tender effective February 1, 2023.

This is the first time in 19 years that Nigeria will be redesigning some of her currency notes.

Taking to his Twitter account shortly after the unveiling of the new notes on Wednesday, Bwala said only the colour of the naira was changed.

He said that the value of the Naira to the Dollar remains the same and it’s all renewed hopelessness.

He wrote: “The color has changed, but the value to dollar is still the same. Renewed hopelessness”

Why I Approved Redesign Of Naira Notes

President Muhammadu Buhari on Wednesday launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.

Speaking at the launch of the new banknotes, which preceded the Federal Executive Council (FEC) meeting, the President explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

According to the President, ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’

He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

President Buhari commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative, while also thanking the Managing Director, Executive Directors and Staff of the Nigerian Security Printing and Minting PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”

Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years, the President noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.

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