Buhari explains approval for naira redesigningÂ

President Muhammadu Buhari has explained his reasons for approving the redesigning of some bank notes.

He spoke during the unveiling of the redesigned N200, N500, and N1,000 denominations, held at the council chamber of the presidential villa, Abuja.

“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit,” Buhari said.

He added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

The President equally stated that the policy conforms with international best practices, which “requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years.”

Buhari noted that it had taken Nigeria almost 20 years to redesign its currency.

On his part, Central Bank of Nigeria Governor Godwin Emefiele said the redesigned naira notes have “enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.”