CBN Explains FG’s Strategy To Secure Redesigned Currency Against Counterfeit

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has hosted that Nigeria the newly redesigned naira cannot be counterfeited.

Recall that President Muhammadu Buhari on Wednesday, November 23, 2022, unveiled new N1000, N500, and N200 in Abuja before the weekly Federal Executive Council (FEC) meeting.

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Speaking to State House correspondents after the brief ceremony, the CBN governor debunked insinuations suggesting that the early unveiling of the new notes is a means to target some Nigerians.

Emefiele appealed to members of the public, urging them to desist from making such speculation, adding that that there is no need to perpetuate any such information.

According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.

Emefiele maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.

The redesigned currency note he asserts can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.

He explained that it will aide the country address the issue of Illicit financial flows, corruption, improve the nation’s economy, as well as ensure and advancement in the value of the naira.

For those calling for an extension of time for the usage of the old notes, the CBN boss said, “we will not go with people that want an extension of time. From today, this currency that was re-issued will become a legal tender.”

He said there is no local government area in the country where there is no bank agent, adding that there is over one million point across the country that people should go and deposit the old notes