Godwin Emefiele, the Governor of the Center Bank of Nigeria (CBN), declared on Wednesday, 26th of October, 2022, at a press briefing in Abuja, that the bank would release a new naira notes design.
According to him, the redesigning of Naira notes has a long way to aid in preventing counterfeit notes and hampering random payments to kidnappers and terrorists. He also added that about 85 percent of Naira currency in circulation is in hoarding, which is alarming, and this also called for the designation.
Godwin Emefiele further explained that President Muhammadu Buhari had approved the rollout of the redesigned notes, and it would officially be in circulation on the 15th of December, 2022. However, not all the naira notes would be redesigned; only 200, 500, and 1000 notes.
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In his speech, it was announced that existing 200, 500, and 1000 naira notes will only be considered as legal tender till the 31st of January, 2023, as they won’t be accepted as a medium of exchange for any transaction again in the aftermath.
He, thereby, employed the public to deposit the naira notes in exchange for the new ones and added that a deposit fee would be left for transactions less than 150,000.