No Political Undertone To Redesigning Of Naira Notes — CBN Insists

Central Bank of Nigeria (CBN) has maintained that there is no political undertone to the redesigning of some naira notes in the wake of the 2023 general elections.

Gatekeepers News reports that the Branch Controller, Mr. Chijioke Orah said this while speaking during the CBN sensitisation of stakeholders on the currency design in collaboration with National Orientation Agency (NOA) at Ogbeogonogo Market, Asaba.

He said the redesigning of the naira notes is not targeted at undermining any person or institution.

He stressed that the new notes were designed to strengthen the value of the naira.

He maintained that the redesigning of the naira notes is in line with global best practice to design the currency every five to eight years.

“The existing series of currencies in Nigeria have not been redesigned in the past 15, 19 and over 20 years which has been long overdue to redesign”, he said.

He further noted that the redesigning of the naira will promote cashless economy and internet banking which will in turn curb insecurity and minimise hoarding of the naira.

“Redesigning the naira will deepen the drive for a cashless economy as it will be used alongside the e-Naira and other digital payment platforms to bring in currency outside the banking system into the banking system thereby making monetary policy effective”, he asserted.

When quizzed about the low circulation of the redesigned notes since December 2022, Orah expressed worry over poor distribution as he said that CBN will ensure the new currencies are evenly distributed.

While allaying fears of genuineness and acceptance of the newly redesigned notes, Currency Operation Department Officer, Mrs. Nneka Odumah, said that the new notes were designed to disrupt the circulation of illegal currencies.

She then revealed that old notes will no longer be a legal tender from January 31, 2023, as she urged persons to deposit old currencies before the said date.

State Director of NOA, Mr. Chris Anyabuine, said that the agency will play its part in campaigning at the local government area level to create awareness on the redesigned naira to prevent counterfeit.