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Naira Crashes to dollar minutes after unveiling of new naira notes

As soon as President Muhammadu Buhari Wednesday unveiled the new currency notes before the federal executive council (FEC) meeting at the state house, Abuja, indications emerged that rather gain, the naira crashed at the parallel market, thus creating a scenario that the move by the apex bank may not lift the falling currency after all. The fall showed that rather than changing for N720, it jumped to N727.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele was in attendance during the unveiling ceremony.
Speaking shortly after the launch, Emefiele debunked insinuations that the early unveiling of new notes is a means to target any Nigerian.
Mr Emefiele appealed to members of the public that there is no need to perpetuate any such information.
According to him, the CBN will intensify the monitoring process and interrogate the process of withdrawals.
He maintained that there will be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the EFCC to monitor the purpose of any heavy transactions.
The redesigned currency note he asserts can never be counterfeited, adding that to forestall such occurrence he states that the CBN redesign the notes after every five to eight years.
Following the unveiling of the new note which begins circulation today, the CBN governor announced that the CBN is now more determined to make Nigeria a cashless economy, as in other climes.

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