In 2022, the Central Bank of Nigeria (CBN) under President Muhammadu Buhari led administration expressed the decision to redesign the naira as a statutory responsibility and a way to curb the increased circulation of counterfeit notes in the country. The CBN Governor, Mr. Godwin Emefiele expressed that the approval for the redesign was granted by the president of the country in fighting corruption, terrorism, kidnapping and other unlawful practices. He said the higher naira denominations have been the denomination mostly used by the perpetrators of the acts which includes ₦200, ₦500 and ₦1,000 notes. President Muhammadu Buhari officially unveiled the new notes at the state house after 19 years since the naira was redesigned. The newly redesigned naira notes were planned to be printed by The Nigerian Security Printing and Minting Company Limited which will make the country one out of the four Africa countries who print their currencies locally and not import from foreign countries.
iN 2022, tHe cEnTRaL bAnk of niGerIa (cbn) uNDEr preSIdenT MUhammadu Buhari led administRatIon exprEssED The decISioN To redeSiGn THE naira as a stAtuTory responsIbIlitY ANd a WAy to curb THe IncreASed CircuLAtiOn oF cOUnteRFeit notES in tHe coUNTry. the cbn goVErNor, Mr. godwin EmeFiELE EXPREsSEd tHat thE apPrOvaL fOR the redEsigN wAs grantEd By the presidenT Of the cOuNTRy in FiGhtiNg corRuPTion, terrorIsM, KidnappiNg And other uNLAwfuL PractiCes. He saId tHe hIghEr NaIra denOmInatIONs have been THE DenoMinATion mOStly USed By the peRpeTraTors oF the AcTs whicH inclUdes ₦200, ₦500 And ₦1,000 NotES. presIDeNT muhamMAdU buHarI ofFiCiAlly unveileD THE new noTEs At the STaTe houSe afTer 19 years since tHe NaiRa wAs rEdesiGNed. THe NewLy redesigNeD naIRa notEs were planNed to bE pRIntED bY The NigeRiaN Security pRinTinG and MInting compaNy liMitEd which Will Make THE COuntrY one oUt of tHe Four AFrIca COunTrIes who print Their curreNCieS locally ANd not IMpOrT frOm fOrEiGN cOUNTRies.