President Muhammadu Buhari on Wednesday unveiled the new naira notes – N200, N500 and N1,000 at the Council Chamber, Presidential Villa, Abuja.

The ceremony took place before the weekly Federal Executive Council (FEC), meeting, presided over by President Buhari.

This marks the first time in 19 years, Nigeria will be redesigning it’s currency notes.

Addressing State House correspondents after the brief ceremony, the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele said the naira was supposed to be redesigned and re-issued between five and eight years in line with the global practice.

Emefiele expressed the regret that in Nigeria, the naira has not been redesigned for about 19 years now because of lack of political will from the previous administrations.

“In the past, I have to confess that attempts by the CBN to redesign and reissue the naira notes have been resisred. It is only President Muhammadu Buhari that has the courage to do so”, he said.

At a briefing after the ceremony before the Federal executive council meeting, the CBN governor debunked insinuations that the early unveiling of new notes is a means to target any Nigerian.

He urged members of the public that to desist from making such speculation, adding there is no need to perpetuate any such information.

According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.

The CBN boss maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.

He also stated that the redesigned currency notes can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.

As the newly unveiled naira notes begin circulation today, Emefiele said that the apex bank is now more determined to make Nigeria a cashless economy, as in other climes.

President Buhari, while unveiling the new naira notes, underscored the importance of re-designing, adding it will aide Nigeria address the issue of Illicit financial flows, corruption, improve the nation’s economy, as well as ensure and advancement in the value of the naira.

Pointing out that the currency redesign will also boost the CBN’s Monetary policy initiative, Buhari stated that the first set of currency which was printed locally by the Nigeria printing and minting company, will fundamentally prevent counterfeiting of the naira notes.