CBN to launch new naira designs December
The Central Bank of Nigeria says it has redesigned all major naira notes and will by December 2022 start circulating them.
The affected denominations are N100, N200, N500, and N1000.
The CBN governor, Godwin Emefiele, announced this at a press briefing on Wednesday. He said the notes were redesigned following a request from the federal government.
The last time the bank redesigned the naira was in 2014 when it changed the design of the 100 naira note to commemorate Nigeria’s centenary……………………Continue Reading
“Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels,” he said.
According to the governor, the CBN has finalised arrangements for the new currency to begin circulation from December 15, 2022.
He said the new and existing currencies will remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be legal tender.
He also said all commercial banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately.
