Buhari to launch redesigned banknotes Wednesday

The Central Bank of Nigeria (CBN) has revealed that President Muhammadu Buhari would launch the redesigned bank notes on Wednesday.

The CBN had recently announced its decision to redesign the N200, N500, and N1,000 bank notes.

According to Godwin Emefiele, the CBN governor, considerable volume of cash are being stashed outside the banking system. Some of the non-banked money, the CBN said, are in the hands of terrorists and kidnappers.

The Bank aims the policy would give it a  tighter control of money supply.

More to follow …


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