The new Naira banknotes were introduced by President Muhammadu Buhari on Wednesday in Abuja at the Presidential Villa.

Speaking about the characteristics of the new notes, Central Bank of Nigeria Governor, Godwin Emefiele said that the “notes have been designed to ensure that the new naira notes cannot be counterfeited because of the features in them.” President Muhammadu Buhari had introduced the new banknotes of N200, N500, and N1000 denominations prior to the Federal Executive Council (FEC) meeting.

With the exception of additional security features and their colors, the new notes kept practically all of the old characteristics.

The new N1000 note is colored blue, the new N500 is colored green, and the N200 is colored red like the old N500.

All of the notes still included the original photos of former presidents who stood out in the country’s political and economical scene.

The previous notes would remain valid till January 31, 2023. Mr. Emefiele declared that the January deadline won’t be extended during the bank’s monetary policy meeting on Tuesday.

What were the stated reasons for the redesign of the naira notes?

1. An urgent need to take control of currency in circulation
2. To address the hoarding of Naira banknotes outside the banking system
3. The shortage of clean and fit banknotes in circulation
4. The increase in counterfeiting of high-denomination Naira banknotes.