President Muhammadu Buhari on Wednesday explained in detail the basis for his approval to CBN to redesign the N200, N500 and N1000 banknotes, IgbereTV reports
Buhari also expressed delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.
Buhari spoke at the inauguration of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja.
According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage.
He equally thanked the Managing Director, Executive Directors and staffers of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”
Buhari said: “A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes.
”It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management