President Muhammadu Buhari on Wednesday unveiled the new Naira notes of N200, N500, and N1,000 at the Council Chamber, Presidential Villa, Abuja. The unveiling took place before the weekly Federal Executive Council.
CBN governor, Godwin Emefiele said it was the mandate of the CBN, to redesign and reissue the notes, assuring that henceforth, the exercise would take place after five to eight years.
“After today, the CBN will begin to redesign and reissue the Naira every five to eight years,” he said.
“The world has moved to a cashless economy and the CBN has moved to a 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,” he said.
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.”