New Naira

Governor of the Central Bank of Nigeria, Godwin Emefiele has said that it would work with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to complicate and track large withdrawals.

He said this while briefing the press after the launch the new Naira banknotes in Abuja on Wednesday.

At the briefing, Emefiele added that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use.

President Muhammadu Buhari earlier said the naira notes are long overdue for a change as the current tender has been in circulation for nearly 20 years.

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This was as he said the newly redesigned notes have unique security features that make them difficult to counterfeit.

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