Why I approved redesign of ₦‎1000, ₦‎500, ₦‎200 banknotes – Buhari

President Muhammadu Buhari Wednesday in Abuja launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.

Speaking at the launch of the new banknotes, which preceded the Federal Executive Council (FEC) meeting, the President explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

According to the President, ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’

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

The President commended the CBN Governor, Godwin Emefiele and his deputies for the initiative, while also thanking the Managing Director, Executive Directors and Staff of the Nigerian…

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