BREAKING: First look at new naira notes [PHOTOS]

Pictures of the new notes have made rounds online today, November 23, 2022.

The unveiling: President Muhammadu Buhari unveiled the newly redesigned N200, N500 and N1,000 banknotes at the presidential villa today, Wednesday, November 23, 2022

Recall: The Governor of the Central Bank of Nigeria, Godwin Emefiele, had announced that the President will unveil the new naira notes during the weekly Federal Executive Council at the Presidential Villa on Wednesday, November 23, 2022.

In his brief remarks, the CBN governor said the introduction of new notes was a deliberate step by government to check corruption and counterfeiting of the notes.

He added that, the naira notes currently in use will remain as legal tenders till 31st January, 2023. However circulation of new notes will begin before December 15.

Reactions to new naira notes: Nigerians have started reacting to the first look at the new naira notes.

Why CBN is changing naira notes: In what has been described as a move to tackle vote-buying and control the amount of money in circulation, the CBN announced the plan to redesign the N200, N500, and N1,000 bills last week.

CBN Governor, Mr. Godwin Emefiele, who disclosed the apex bank’s decision to redesign the banknotes at a media briefing in Abuja, said the change was sequel to an approval by Buhari.

He said the development was also aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant image problem for the central bank.

What you should know: Emefiele said there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation were outside the vaults of the commercial banks. He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable.