Buhari says naira notes were redesigned with new security features to combat counterfeiters

PRESIDENT Muhammadu Buhari has proffered reasons as to why he approved the redesigning of Nigeria's naira notes saying the country's currency had to be fortified with new security features to combat forgers.

Speaking at the launch of the new banknotes in Abuja, President Buhari said he gave the Central Bank of Nigeria (CBN) permission to redesign the ₦‎200, ₦‎500 and ₦‎1000 banknotes because the naira is long overdue to wear a new look. He added that the new naira banknotes have been fortified with security features that make them difficult to counterfeit.

President Buhari said: “This implies that the Naira is long overdue to wear a new look. In line with this power, the Central Bank governor Godwin Emefiele approached me earlier this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.

“There was an urgent need to take control of currency in circulation and to address the hoarding of naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation and the increase in counterfeiting of high-denomination naira banknotes. It’s on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.”

Mr Emefiele added that the redesign 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,” Mr Emefiele said.

According to the CBN governor, Nigeria has gone cashless and security agencies would monitor people making withdrawals at the counter to know how much is withdrawn and also monitor the usage of the money. He debunked insinuations that the policy was targeted at anyone, especially the political class.

Mr Emefiele said: “The world has moved to a cashless economy as has the CBN. We will restrain the volume of cash someone will withdraw over the counter and we will follow up with the person’s data to know the reason for such withdrawal.”

He added that there is no local government area in the country where there is no bank agent, insisting that there are over 1m points across the country that people should go and deposit the old notes. Me Emefiele also boasted that the new naira notes cannot be counterfeited because of the features in them.