News
Features of new naira notes: CBN Gov, Emefiele explains
The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes.
Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.
According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.
“In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.
Emefiele said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.
His words,”After today, the CBN will begin to redesign and reissue the naira for every five to eight years”
The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.
He debunked insinuations that the policy was targeted at anyone, especially the political class.
He said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.
“The world has moved to cashless economy and the CBN has moved to 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.
Commenting on calls for extension of time for the usage of old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.
-
Politics5 days ago
South-South Govs Meet In Yenagoa, Urge FG To Review Power Situation
-
Politics5 days ago
Former IYC Scribe Congratulates Hon. Maxwell Ebibai on Reappointment as Bayelsa Commissioner for Finance.
-
Politics6 days ago
Kogi gov, Ododo used immunity to protect Yahaya Bello from EFCC arrest – Oshiomhole
-
Entertainment6 days ago
‘Disrespectful’ – Mr Macaroni slams Wizkid for shading Don Jazzy
-
Business5 days ago
Why CBN Banned Opay, Palmpay, Kuda Bank, Moniepoint From Boarding New Customers
-
Niger Delta5 days ago
RE: PROTEST AGAINST PAP BOSS DR DENNIS OTUARU, AN UNNECESSARY DISTRACTION THAT SHOULD NOT BE TAKEN SERIOUSLY.
-
Politics5 days ago
Hon. Alapala Felicitates with Commissioners for successful inauguration and thank the governor for their appointments.
-
News2 days ago
Attack on nurse: Enugu Assembly moves to regulate activities of masquerades