Buhari will unveil the new naira notes on Wednesday
By Emma Ogbuehi
President Muhammadu Buhari will unveil the new naira notes on Wednesday, Central Bank of Nigeria (CBN) Governor Godwin Emefiele has announced.
Emefiele who addressed journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said the unveiling will hold by 10am.
He said it will take place at the Council Chambers during the Federal Executive Council (FEC) meeting.
Emefiele maintained that the CBN will not extend the January 31, 2023 deadline for final introduction of the new naira notes, thus, debunking reports that the date for the withdrawal of the old notes from the system would be shifted.
The CBN Governor thanked Buhari for always defending the apex bank, the Senate for supporting it and the security agencies particularly the EFCC for seeing to the smooth transition of the programme.
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Emefiele also announced another interest rate hike to 16.5 percent while retaining other parameters.
The reason for increasing interest rate, he said, is because the decision of the CBN to tackle inflation has started yielding positive results as a result “tightening rates”.
The Apex Bank had on Wednesday, October 26, announced the withdrawal of N200, N500 and N1000 notes from circulation commencing with immediate effect, adding that they would be replaced with newer notes from December 15 this year.
In a special announcement on the exercise, Emefiele, said the old notes would cease to be legal tender from January 31, 2023.
He said the CBN had received the approval of the Federal Executive Council (FEC) to effect the change of the notes.
He said President Buhari is expected to launch the new Naira notes.
Emefiele said the decision to change the national currency was both economic and security.
He said 80 per cent of the Naira in circulation was circulating outside the banking system, triggering inflation and weakening the currency.
On security, he said ransom payments have resulted in putting enormous cash in the hands of terrorists.
Asked if he was hopeful that the Naira could appreciate as a result of the change, Emefiele said yes, but added that he didn’t want to speculate.
However, Emefiele made a U-turn on Tuesday, saying the CBN won’t wait till December 15 anymore as the President will unveil the new notes on Wednesday.
He said, “100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.
“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.
“By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.”