New Nigerian Currency Loading as CBN Redesigns Naira Notes

The Central Bank of Nigeria, CBN, has announced its plans to redesign the Nigerian currency before the end of 2022.

The CBN Governor, Godwin Emefiele made the announcement known to the public on Wednesday at a press briefing at the Nigerian Capital, Abuja.

New Nigerian Currency Loading as CBN Redesigns Naira Notes

The new Naira notes is schedule to be released to the public for immediate use from December 15, 2022. While the new notes would begin to function as the medium of exchange, old notes will remain in use until it ceases to function as the nation's legal tender on January 31, 2023.

Naira Notes to be Affected by the New Design

The Naira notes to be affected by the redesign are 200, 500 and 1000 Naira, which are currently the highest currency denominations in the country. He added that the bank has concluded the arrangement for the execution of the Naira notes and the redesigning.

"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 N200, N500, and N1000 levels".

"In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender until January 31, 2023 when the existing currencies shall cease to be legal tender," Emefiele said.

Why change of Naira's Design?

Emefiele said that apex bank will redesign 200, 500 and 1000 Naira notes as part of its responsibility to take control of the currency in circulation in the country. He expressed that public concerns with the management of current note series, and the currency in circulation which are mostly outside the bank vaults or government's control.

The CBN boss also blamed increased risk and ease of sophisticated note counterfeiting as a result of photographic technology, which may create negative perception about the Naira as some of the causes of the plan to redesign the currency.

"As you all may be aware, currency management is a key function of the Central Bank of Naira, as enshrined in Section 2 (b) of the CBN Act 2007."

"In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophisticated with attendant and unintended consequences for the integrity of both the CBN and the country".

What to do as a Nigerian to Secure Your Money

The CBN Governor admonishes that Nigerians should begin to return Naira notes in circulation back to the bank.

"Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN, immediately. The newly redesign notes will be released to the bank base on the time of the returns".

Bank customers are also advised to collect only the new currency from their banks at the time of its launch.

The CBN therefore suspends bank charges for cash deposits with immediate effect. The bank also announced increase in free bank deposit limit from N150,000 to millions of Naira.

Emefiele added that banks should operate from Mondays to Saturdays to assist in speeding up the old notes return process before the December deadline.

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