Central Bank of Nigeria ( CBN),says there was no political undertone to the redesigning of the some Naira notes in the wake of the 2023 general elections in the country .
At the Central Bank of Nigeria sensitization of stakeholders on the currency design in collaboration with National Orientation Agency ( NOA) at Ogbeogonogo Market, Delta State,Asaba, Branch Controller, Mr Chijioke Orah explained the redesigning of the Naira notes is not targeted at undermining any person or institution.
He emphasized that the new notes were designed to strengthen the value of the Naira.
According to him, the redesigning of the Naira notes was In line with global best practice to design a new currency every 5 to 8 years.
He said:“ The existing series of currencies in Nigeria have not been redesigned in the past 15, 19 and over 20 years which has been long overdue to redesign”
He added that the redesigning of the Naira will promote cashless economy and internet banking which will in turn enhance curb insecurity and minimize hoarding of the Naira.
“Redesigning the Naira will deepen the drive for a cashless economy as it will be used alongside the E- Naira and other digital payment platforms to bring in currency outside the banking system into the banking system thereby making monetary policy effective”, he asserted.
On the low circulation of the redesigned notes since December 2022,Chijioke expressed worry over poor distribution as he said that CBN will ensure the new currencies are evenly distributed.
Allaying fears of genuineness and acceptance of the newly redesigned notes, Currency Operation Department Officer, Mrs Nneka Odumah said that the new notes were designed with to disrupt the circulation of illegal currencies.
She revealed that old notes will no longer be a legal tender from January 31, 2023 as she urged persons to deposit old currencies before the said date.
