The federal government has confirmed that today, December 15, the newly redesigned naira notes will enter circulation.
Goldennewsng reports that review that the legislative leader of the National Bank of Nigeria, Godwin Emefiele, had in October declared that the peak bank would deliver re-planned N200, 500 and N1000 naira notes by December 15, 2022. By January 31, 2023, he stated, the old notes will no longer be accepted as legal tender.
Emefiele noted that the redesign of the naira notes would reduce ransom payments to terrorists and kidnappers and assist in reducing counterfeit notes. Nigerians were hoarding 85% of the currency that was in circulation, according to the boss of the CBN.
Consequently, he asserted that the redesign of the local currency would assist in removing currency from the banking sector, noting that of the approximately N3.3 trillion in circulation, approximately N2.75 trillion are outside the banking sector.
At a weekly meeting of the Federal Executive Council held in Aso Rock Villa, President Muhammadu Buhari unveiled the new bills. This occurred approximately three weeks earlier.
The new Naira notes are expected to be distributed to customers by banks today.
