President Muhammadu Buhari on Wednesday gave reasons he approved the redesign of ₦200, ₦500 and ₦1000 banknotes.
Speaking at the launch of the new banknotes in Abuja, Buhari said he gave the Central Bank of Nigeria (CBN) permission to redesign the ₦200, ₦500 and ₦1000 banknotes because the Naira is long overdue to wear a new look.
According to Buhari, "the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
"This implies that the Naira is long overdue to wear a new look."
Buhari added, "In line with this power, the Central Bank Governor [Godwin Emefiele] approached me earlier this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.
"There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It's on this basis that I gave my approval for the redesign of the ₦200, ₦500 and ₦1000 banknotes."