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Today, December 15, the newly redesigned naira notes will enter circulation.
Thank you for reading this post, don't forget to subscribe!Recall that the Central Bank of Nigeria’s governor, Godwin Emefiele, announced in October that the apex bank would issue redesigned N200, 500, and N1000 naira notes by December 15, 2022. He stated that by January 31, 2023, the old notes will no longer be legal tender.
Emefiele stated that redesigning naira notes would help to reduce counterfeit notes and ransom payments to terrorists and kidnappers. The CBN governor expressed concern that Nigerians were hoarding 85 percent of the total currency in circulation.
As a result, he stated that redesigning the local currency would help to mop up the currency outside the banking sector, adding that close to N2.75tn of the approximately N3.3tn in circulation is outside the banking sector.
This came roughly three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills during a weekly Federal Executive Council meeting in Aso Rock Villa.
Banks are expected to start issuing the new Naira notes to customers today.
