Before the Federal Executive Council (FEC) meeting on Wednesday morning at the state house in Abuja, President Muhammadu Buhari introduced the new currency notes.
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), was present during the unveiling ceremony. NaijaMelic Media
The CBN governor, meanwhile, refuted claims that the early introduction of new notes is a strategy to target any Nigerian at a briefing held following the event before the Federal Executive Council meeting.
There is no need to spread such information, Mr. Emefiele pleaded with the populace.
He claims that the CBN will scrutinize the withdrawal procedure and step up its monitoring efforts.
As it collaborates with the EFCC to track the purpose of any significant transactions, he insisted that there will be severe limitations on the amount of cash that people can withdraw over the counter.
He claims that the newly designed currency note cannot ever be counterfeited and adds that the CBN redesigns the notes every five to eight years to prevent this from happening.
The CBN governor declared that the CBN is now more motivated to turn Nigeria into a cashless economy, as is the case in other countries, following the debut of the new note that goes into circulation today.