President Unveils Redesigned Currency Notes -[PHOTOS]
President Muhammadu Buhari unveiled redesigned N1000, N5000, and N200 naira notes on Wednesday.
The President performed the ceremony shortly before the start of the weekly Federal Executive Council (FEC) meeting inside the State House Council Chamber in Abuja.
Following the ceremony, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, expressed the apex bank’s determination to make Nigeria a cashless economy.
According to him, the amount of money that can be withdrawn over the counter will be severely limited, and anyone who wishes to withdraw large sums of money will be tracked by security agents to determine their intended use.
He insisted that the deadline for exchanging old notes, January 31, 2023, would not be extended, noting that there are over one million locations across the country where people can deposit their old notes.
According to Emefiele, the apex bank must now redesign currency every five to eight years.
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