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CBN To Redesign Naira Notes Because BULK Of Money Remains Outside The Bank

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Naira Notes

The Central Bank of Nigeria (CBN) on Wednesday said it will redesign the N200, N500, and N1,000 notes.

The newly redesigned Naira notes are to come into use, December 15, 2022.

The CBN Governor Godwin Emefiele disclosed this at a press conference on Wednesday.

The Apex bank boss revealed that the new currencies will include the N200, N500 and N1000 notes.

He advised Nigerians to take their old notes to banks in exchange for new ones.

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

“To be more specific, as at the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public,” he said.

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“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as at September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”

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4 COMMENTS

  1. These guys are really crazy!! Seriously?? is that what they should be thinking about now? Redesigning a note that is as valueless as a paper when all they should be doing is how to bring up the value. Ko de ni daa fun awon people yi

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