LATEST NEWS AND UPDATE ON CBN’S NARIA REDESIGNING – HIGHLIGHTS OF THE ANNOUNCEMENT MADE BY CBN TODAY.

The Central Bank Governor, Godwin Emefiele, has said that the apex bank would redesign the country’s currency

Emefiele, who announced this at a press briefing in Abuja, this afternoon, said that the exercise would affect the the highest denominations: 200, 500, 1000 notes.

He said that the action was taken in order to take control of the currency in circulation.

According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

Mr. Emefiele said that the new notes will be released for public use on December 15, 2022.

He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender. 

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NEW NAIRA NOTES WILL BE RELEASED BY CBN IN DECEMBER- CBN GOVERNOR

HIGHLIGHTS OF THE ANNOUNCEMENT MADE BY CBN TODAY

1. CBN will change the current N200, N500 and N1,000 currency denominations to a new currency. 

2. Everyone should start paying the old currency notes into the bank effective immediately. 

3. The new currency notes will go into circulation on December 15th, 2022.

4. Collection of the old notes will stop on January 31st, 2023. 

5. The old notes would stop being a legal tender by January 31st, 2023.

6. Banks are advised to keep all their deposit centres open from Monday to Saturday going forward for collections.