 Now President Mohamed Buhari has finally unveiled the redesigned Naira notes as proposed by the Central Bank of Nigeria, CBN. The unveiling marks the first time in 19 years Nigeria will be redesigning its currency notes. At the briefing after the ceremony before the federal executive council meeting, the CBN governor debunked insinuation suggesting that the early unveiling of the new notes is a means to target some Nigerians. During the ceremony which held before the council meeting, President Buhari underscored the importance of redesigning the Naira notes. There was an urgent need to take control of currency in circulation and to address the holding 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 to the redesign of the 200 Naira, 500 Naira, and 1000 Naira banknotes. While this they were to be apparent to any Nigerians only four out of the 54 African countries front their currencies in their countries and Nigeria is one. Hence a majority of African countries front their currencies abroad and import them the way we import other goods. That is why it is immense pride that I announced to you that these redesign currencies are locally produced right here in Nigeria by our security printing and meeting TLC. The Naira banknotes had been fortified with security features that made it difficult to counterfeit. These new banknotes will help the central bank design and implement better monetary policy objectives. I am delighted now to fairly launch the 200 Naira, 500 Naira, and 1000 Naira banknotes. We'll speak in with newsmen after the ceremony. Governor of the central bank of Nigeria, Godwin M.A. Fili expressed the determination of the Apex bank to make Nigeria a cashless economy. According to him the amount of money that can be withdrawn across the counter will be drastically restricted. Explain it that anyone who wants to withdraw substantial cash will be tracked by security agents to determine its use. Our policy of redesign and reissue of currency is not targeted at anyone. But of course we have the laws and we will indeed be more intense in ensuring that the provisions of the law and the CBN regulations about the size and volume of currencies that people can hold or can carry or can withdraw that we would insist that this is done going forward. In other countries you will find, say in the U.S., you want to withdraw $10,000 from the counter, you will be interrogated. You will feel numerous forms. They will even track the use of that $10,000 cash you are withdrawing. Or you want to withdraw 10,000 pounds from the counter. They will refuse. And if you insist, you will feel forms. I think the problem we've had in the past is the insistence that oh, this is a cash economy. There is no economy that is imbued with the thinking that it has to be cash economy. The world has moved away from cash, predominantly cash, to cashless economy. And I think Nigeria and the Central Bank of Nigeria is prepared at this time to move towards a cashless economy. And that is the reason why following the redesign and issuance of this note, we will go forward to insisting that cashless will be nationwide. We will restrict the volume of cash that people will withdraw over the counter. If you need to draw large volumes of cash, you will feel uncountable forms. We will take your data, whether it's your BVN, your NIN, so that security agencies like EFCC or enforcement agencies like EFCC and ICPC can follow you and be sure that you are taking that money for good purpose. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.