Buhari stated that the new banknotes would help the CBN design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

Nigerian President Muhammadu Buhari has launched the country’s new Naira banknotes with features that make them difficult to counterfeit, adding that he approved the redesigned currencies in order to address hoarding of the banknotes outside the banking system, shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination banknotes.

Speaking on Wednesday at the launch of the new banknotes, a ceremony that preceded the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja, the President expressed delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.

Buhari, who explained the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦‎200, ₦‎500, and ₦‎1000 banknotes, said: “The new Naira banknotes have been fortified with security features that make them difficult to counterfeit.”

While commending CBN Governor Godwin Emefiele and his Deputies for the initiative, he also thanked 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.”

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

Speaking, Buhari said: “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 the 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, grant 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 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.”