The President of Nigeria, Muhammadu Buhari, has on Wednesday unveiled the new design of the Naira notes in Abuja, coming 6 months to leaving office after a two term reign as Nigeria’s President and Grand Commander of the Order of the Federal Republic.
The unveiling procession was led by the Governor of the Central Bank of Nigeria, Godwin Emefiele, a two term serving Governor of the Nigerian apex bank who entered the race for presidency but lost alongside Vice President Yemi Osinbajo to Bola Ahmed Tinubu, a former Governor of Lagos, in the APC primary election.
The event, described by the presidency as a defining moment for the Nigerian economy, saw the attendance of top politicians, technocrats, and business personalities.
The development, which comes on the run up to the 2023 elections, has been touted by critics to be aimed at exposing individuals, especially politicians, hoarding the Nigerian currency outside commercial banks.
Some economists have argued that such hoarding of money could be responsible for the current inflation that has hit the economy, at 21.09% in October of 2022, peaking as the highest rate since 2005.
As the new design is expected to go into circulation after the unveiling by the presidency, here are few things we have identified in the new naira notes.
**This post is being updated in the background. Refresh page to read the latest developments as they unfold. The presidency commenced the unveiling of the new naira notes at 10am in Abuja.