Nigerian Central Bank governor Godwin Emefiele shared that the apex bank would redesign the country’s currency.
The CBN governor says the redesign will impact the ₦200, ₦500, and ₦1000 notes, with the redesigned notes expected to be in circulation by December 15, 2022, while the current Naira notes will no longer serve as legal tender from January 31, 2023.
Emefiele says the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at ₦100, ₦200, ₦500, and ₦1000 levels.
The purpose of this exercise according to Emefiele is to reduce the inordinate amount of cash outside the control of banks and currency counterfeiting.
Emefiele noted that individuals with cash at hand can begin depositing their monies into their bank accounts from October 27, 2022, at no cost ahead of the disbursement of the new notes giving them 100 days to swap old notes for the redesigned notes.