Today, December 15, the newly redesigned naira notes will be put into circulation.
Remember that the Central Bank of Nigeria’s governor, Godwin Emefiele, indicated in October that the top bank would issue newly designed N200, 500, and N1000 notes by December 15, 2022. He predicted that by January 31, 2023, the old notes will no longer be accepted as legal tender.
Emefiele emphasized that the redesign of the naira notes would aid in reducing ransom payments to terrorists and kidnappers as well as counterfeit notes. The head of the CBN expressed concern about the fact that Nigerians were hoarding 85% of the total amount of in circulation cash.
He added that out of the approximately N3.3 trillion in circulation, nearly N2.75 trillion is outside the banking sector, and that the redesign of the local currency would help to mop up the currency outside the banking sector.
About three weeks prior, at the Federal Executive Council meeting held in Aso Rock Villa, President Major General Muhammadu Buhari (retd) unveiled the new bills.
The new Naira notes are anticipated to be distributed to customers by banks starting today.
