Buhari to reveal redesigned naira Wednesday, says Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, says President Muhammadu Buhari will unveil new N200, N500, and N1,000 banknotes at the Federal Executive Council (FEC) meeting on Wednesday.

Speaking to reporters after the Monetary Policy Committee (MPC) meeting on Tuesday, Emefiele said the unveiling of the redesigned naira notes was moved from Dec. 15 to Wednesday, Nov. 23.

He thanked the president for his support over the past seven years: "We will no longer wait until December 15 to unveil the new Naira notes; Mr. President has graciously accepted to unveil the notes on Wednesday."

"We thank Mr. President, not just because he gave approval to the CBN to embark on this program in line with provisions of the CBN Act.

"We also thank Mr. President because, at a time when we were beginning to face criticism, without being prompted, he has come out twice to defend the action of the CBN.

"We thank him for this and other supports the CBN has received from him over the past seven years," he said.

The CBN governor also thanked the National Assembly for its support in spite of pressure to do otherwise, security agencies like the Economic and Financial Crimes Commission (EFCC), and Nigerians in general.

According to him, the deadline for depositing the old notes in banks will not be extended.

"We will not shift any deadline." What we have done is not against the law.

"We announced this program on Oct. 26, and we said that upon release of the new currency, its legal tender status will run concurrently with the old currency until Jan. 31, 2023."

"That is almost 100 days." 100 days is enough for people across the country to deposit their old currencies in banks.

"We have made adequate provisions for them to be able to deposit their old currencies," he said.

Emefiele added that the apex bank did not consider diaspora Nigerians in its naira redesign decisions because "they are not supposed to be spending the naira."