President Buhari to unveil new naira notes Wednesday

President Muhammadu Buhari will unveil the new naira notes on Wednesday, Central Bank of Nigeria (CBN) Governor Godwin Emefiele has announced.

Addressing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Emefiele said the unveiling will hold by 10am.

He said it will take place at the Council Chambers during the Federal Executive Council (FEC) meeting.

Emefiele said the CBN will not extend the January 31, 2023 deadline for final introduction of the new naira notes.

The CBN Governor thanked Buhari for always defending the apex bank, the Senate for supporting it and the security agencies particularly the EFCC for seeing to the smooth transition of the programme.

Emefiele also announced another interest rate hike to 16.5 percent while retaining other parameters.

The reason for increasing interest rate, he said, is because the decision of the CBN to tackle inflation has started yielding positive results as a result “tightening rates”.