We Waited Too Long to Redesign Naira Notes – CBN

The spokesman of the Central Bank, Mr Osita Nwanisobi, has said that the apex bank timing of the three banknotes redesign project even tarried for too long.

Nwanisobi said the management had to wait 20 years to carry out a redesign which is out of the norm.

According to the spokesman, the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

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Nwanisobi added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

He stressed that this was in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi, therefore, urged Nigerians, irrespective of their status, to support the Naira redesign project, as it is for the greater good of the economy.