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Why I Approved Redesign Of Naira Notes - President Buhari - Politics - Nairaland

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Why I Approved Redesign Of Naira Notes - President Buhari by LordviccoDaGuru(m): 11:36pm On Nov 23
WHY I APPROVED REDESIGN OF NAIRA NOTES, BY PRESIDENT BUHARI AT LAUNCH OF ₦‎200, ₦‎500, ₦‎1000 BANKNOTES

President Muhammadu Buhari on 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 also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

President Buhari 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 Security Printing and Minting 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."

Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years, the President noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.

‘‘This implies that the Naira is long overdue to wear a new look.
‘‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

‘‘As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grants the Central Bank of Nigeria the power to issue and redesign the Naira.

‘‘In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.

‘‘There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

‘‘While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.

‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC,’’ he said.

In his remarks, the Governor of CBN, Godwin Emefiele, thanked the President for his unwavering support for the redesign and distribution of the new notes, which he said will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

The CBN Governor also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.

Emefiele also appreciated President Buhari for his insistence that the initial notes must be designed and produced within the country, further placing confidence in Nigerian Security Printing and Minting.

“Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,’’ he added.

The CBN Governor listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
November 23, 2022

https://m.facebook.com/story.php?story_fbid=pfbid02MoiVWsn7vCQ1SCtSA4DJ3A8uhYBHwk7q6nrk7pkWdeeo8fesGE27T9ru1uRPjh2xl&id=100011193364134&sfnsn=scwspwa&mibextid=6aamW6

15 Likes 7 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by LeoDeKing: 11:53pm On Nov 23
Illiterate spare parts dealers have started pulling economic statistics out of their arssessss to teach practical economists and economics professors the implications of naira redesign.

They have started explaining how Russia and Germany's refusal to redesign in 1847 is the reason behind their economic stability. Most of them have turned overnight economics consultants on top Buhari and Emefiele matter.

Meanwhile, apart from screaming all over the places that pandora Obituary is such a simple that drink water himself, non of them has been able to explain why Nigerians should vote the clown.

He was governor for 8 years, what are his achievements that should justify his appointment into any elective office? They will rather insult the living daylight out of you than answer this simple question.

83 Likes 16 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by PerfectStranger(m): 11:55pm On Nov 23
Clue.less mf

34 Likes 2 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by ElSudani: 11:58pm On Nov 23
Bad business for kidnappers. Cash withdrawal over 5 million should be stopped.

36 Likes 3 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by yerokunphilips: 12:08am On Nov 24
Although this government has failed ,
But truth be told this policy is a good one . Am sure we are aware that people have started bring out the money they stored at home . Some for political purpose ( vote buying) some to purchase weapons to cause insecurity.
People planing to buy vote won't have enough money to do so by February.
This may also have a positive effect on security because it will be very difficult for kidnappers to get cash ,from their victims.
This decision is not the best decision but I think is a good one .

76 Likes 3 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by tsdarkside(m): 12:31am On Nov 24
only 4 african countries print their own money....

what type of fvckup is going on in africa sef....??

only 4....!!!!

30 Likes 1 Share

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Treasure17(m): 12:40am On Nov 24
Believe anything from Buhari at your own peril.

16 Likes 3 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by chrisxxx(m): 1:27am On Nov 24
LeoDeKing:
Illiterate spare parts dealers have started pulling economic statistics out of their arssessss to teach practical economists and economics professors the implications of naira redesign.

They have started explaining how Russia and Germany's refusal to redesign in 1847 is the reason behind their economic stability. Most of them have turned overnight economics consultants on top Buhari and Emefiele matter.

Meanwhile, apart from screaming all over the places that pandora Obituary is such a simple that drink water himself, non of them has been able to explain why Nigerians should vote the clown.

He was governor for 8 years, what are his achievements that should justify his appointment into any elective office? They will rather insult the living daylight out of you than answer this simple question.
You might have voted a worst clown in 2015 and 2019. I wish you could open up on who you voted.

42 Likes 2 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by gasparpisciotta: 4:15am On Nov 24
Time will tell.

I can only wish that the economy will turn around for good regardless of the color of our currency.

Emefiele seem to have this one as a last dance before 2023 handover

15 Likes

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Gondonu: 4:22am On Nov 24
And how will that policy of currency change reverse all the worst indices of ill governance Nigeria has suffered under your irresponsible, clueless and inept leadership? Always glorifying absurdities.

1 Like 1 Share

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Penguin2: 4:32am On Nov 24
The truth is that the cabals of Nigeria are supporting Peter Obi and that’s why they approved the redesigning of the Naira to knock off Atiku and Tinubu’s power which is there bullion vans.

Let’s go to the election even.

While hoping that the BVAS will drastically mitigate rigging and result transmitted in real time.

Let’s see who is more popular.

14 Likes 3 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by sonature1: 5:16am On Nov 24
According to the President, ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’

Who told Buhari that the new naira cannot be counterfeited?

Does he know the meaning of counterfeit?

Criminal elements will print lots of fake naira notes now and make a lot of money because they know that Nigerians cannot tell which is which.

However, with time, when people know the difference, they will remove it. And that means that the receivers (victims) will lose money.

But then, this is a good move - just that I expected them to reduce the colour of naira notes so as to cut its production cost.

3 Likes

Re: Why I Approved Redesign Of Naira Notes - President Buhari by 9jii(m): 6:14am On Nov 24
PerfectStranger:
Clue.less mf
Failure.

2 Likes 1 Share

Re: Why I Approved Redesign Of Naira Notes - President Buhari by FuckSilly: 9:30am On Nov 24
Foolish cow
We don't need any explanations.

Na una people dey dabaru everything

Na una dey steal Nigeria money pass

Na una dey bury and hide money

Na una dollar bureau de change business

2 Likes

Re: Why I Approved Redesign Of Naira Notes - President Buhari by ShoeWorld2(m): 9:31am On Nov 24
This is not redesign, they just changed the colour.



I sell beautiful sneakers at affordable prices

1 Like

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Lovenorth: 9:32am On Nov 24
My reservation with the president remains however I really appreciate this action, you don't have to be worried if you are not a thieve or a kidnapper grin

3 Likes 1 Share

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Obidient4life2: 9:32am On Nov 24
LeoDeKing:
Illiterate spare parts dealers have started pulling economic statistics out of their arssessss to teach practical economists and economics professors the implications of naira redesign.

They have started explaining how Russia and Germany's refusal to redesign in 1847 is the reason behind their economic stability. Most of them have turned overnight economics consultants on top Buhari and Emefiele matter.

Meanwhile, apart from screaming all over the places that pandora Obituary is such a simple that drink water himself, non of them has been able to explain why Nigerians should vote the clown.

He was governor for 8 years, what are his achievements that should justify his appointment into any elective office? They will rather insult the living daylight out of you than answer this simple question.

Cry me a River! You left the topic and started rambling! Hang yourself if you can't deal with it! Clown!

26 Likes 1 Share

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Dharnchuks(m): 9:32am On Nov 24
Repaint not redesign.
Re: Why I Approved Redesign Of Naira Notes - President Buhari by lomprico(m): 9:32am On Nov 24
Re-coloring rather.

4 Likes

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Mummyfour(f): 9:32am On Nov 24
You mean why you approved the colouring of the paper?

4 Likes

Re: Why I Approved Redesign Of Naira Notes - President Buhari by Afamed: 9:32am On Nov 24
PMB, THE SLAYER OF THE TERRORIST GROUP.

LONG LIVE NIGERIA
LONG LIVE MY PRESIDENT

28 Likes 1 Share

Re: Why I Approved Redesign Of Naira Notes - President Buhari by emmanuel596(m): 9:32am On Nov 24
Most useless president NIGERIA ever had....no plans no good results just trying anything

1 Like

Re: Why I Approved Redesign Of Naira Notes - President Buhari by MANNABBQGRILLS: 9:32am On Nov 24
According to the President, ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’
God bless our darling Daddy President Muhammadu Buhari and his amiable Vice president Prof Yemi Osinbajo for all they are doing to make this once battered and looted nation work again.
God bless Nigeria.


The central bank said it would redesign naira notes to have control of the amount of currency in circulation, and to enable it manage inflation and tackle counterfeiting.

GOD BLESS NIGERIA .

A better and prosperous Nigeria all around is all we want at MANNABBQGRILLS.

Folawealth090:
Yes can't wait for the horders to be exposed pull there trousers down buhari let's do this
We are seeing them coming out already.
Seeing our currency being brought out by kidnappers, criminals and looting politicians where they have been buried for years.
Bunch of wicked criminals they all are.


Petersamuel8:
Good development, Nigeria shall be great
Amen in Jesus name.
Insha Allah.
God bless you.


Nonentities and lowlivers,
You people should wait till you became CBN governor, so you do it the way you like.
Our prayer is to have plenty of the new naira in our accounts and pocket @Dem MANNA. AMEN���

Again,
Our own is that,
Deear new naira redesign,
We are not among those that criticize you.
Pls you are highly welcome to our accounts @MANNABBQGRILLS and our House hold.



Meanwhile,
As seen somewhere on cyberspace......

8 Likes 4 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by MANNABBQGRILLS: 9:33am On Nov 24
Afamed:
PMB, THE SLAYER OF THE TERRORIST GROUP.

LONG LIVE NIGERIA
LONG LIVE MY PRESIDENT
AMEN.
God bless you too and God bless your parents for giving us a King like you.

It is always good and refreshing to see we still have reasonable and sensible members like you on this forum.

5 Likes 3 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by MANNABBQGRILLS: 9:33am On Nov 24
emmanuel596:
Most useless president NIGERIA ever had....no plans no good results just trying anything

Critics never see anything good.
What does currency have to do with beauty?
The essence is that it achieve the purpose for which it was redesigned.
And we've started seeing results.
Naysayers can cry as much as they want.
This better Nigeria ehn
We go get am by fire by force.
Whether some people like it or not.

8 Likes 3 Shares

Re: Why I Approved Redesign Of Naira Notes - President Buhari by saintgp(m): 9:34am On Nov 24
Bubba
Re: Why I Approved Redesign Of Naira Notes - President Buhari by chris4gold(m): 9:34am On Nov 24
Do we need your explanation on this?
Re: Why I Approved Redesign Of Naira Notes - President Buhari by Klington: 9:34am On Nov 24
tongue
Re: Why I Approved Redesign Of Naira Notes - President Buhari by DennisEche(m): 9:34am On Nov 24
smiley
Emefiele de cash out on the steady. 250 billion
Re: Why I Approved Redesign Of Naira Notes - President Buhari by NaijaCover(m): 9:35am On Nov 24
No Be Small Thing ooooo

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