Highlights
- President Buhari unveils new Naira Notes today in Abuja.
- The new currency features N200, N500 and N1000 denominations.
- The Central Bank Says it stands on its deadline for the return of the old notes.
- The newly commissioned Naira notes have just slide difference from the former look.
- Banks extend working hours to help customers return their money before the deadline.
Commissioning of the New Naira Notes
The Nigerian bank notes which have taken new looks are the country's highest currency units including two hundred Naira (N200), five hundred Naira (N500), and one thousand Naira (N100) notes.
Introducing the new Nigerian currency, president Buhari praised the CBN governor, Mr. Godwin Emefiele, for ensuring the successful implementation of the plan to change the top Nigerian money.
Introducing the new Nigerian currency, president Buhari praised the CBN governor, Mr. Godwin Emefiele, for ensuring the successful implementation of the plan to change the top Nigerian money.
CBN Plan for the Old Naira Notes Deadline
The Central Bank of Naira (CBN) announced the plan to change the Nigerian old currency in October 2022. The new policy by the CBN aims at producing new Naira notes with the central focus on the country's three highest denominations.The central bank said that redesigning 200, 500, and 1000 Naira notes is part of its responsibilities to take control of the currency in circulation in the country.
The aim of the plan was also to counter money laundering and improve the value of the Naira by ensuring that every money is in the control of the apex bank.
Some organizations and individuals had urged the federal government to extend the deadline for the return of the old Naira notes while others condemned the plan for the new CBN policy on the Naira. Mr. Emefiele had today, however, reiterated that the Central Bank will keep to its date.
The public introduction of the new currency just 28 days after its announcement shows the bank's readiness to abide by its initial statement of no turning back on its policies.
Some organizations and individuals had urged the federal government to extend the deadline for the return of the old Naira notes while others condemned the plan for the new CBN policy on the Naira. Mr. Emefiele had today, however, reiterated that the Central Bank will keep to its date.
The public introduction of the new currency just 28 days after its announcement shows the bank's readiness to abide by its initial statement of no turning back on its policies.
About the Nigerian Currency and the Changes in the New Naira Notes
The new Naira notes seem to have just a slight difference from the old look. The images and symbols featured on the old notes continue to be intact only that they have different colors from the former design.The New One Thousand Naira (N1000) Note Description
The new N1000 note remains the highest currency denomination in Nigeria.The front (head) of the one thousand Naira Note has the faces of Dr. Clement Nyong Isong and Mallam Alijy Mai-Bornu.
Dr. Clement Nyong Isong was the governor of the Central Bank of Nigeria (1967–1975) during the military regime of General Yakubu Gowon. He was later elected governor of Cross River State (1979–1983) in the Nigerian Second Republic. While Mallam Alijy Mai-Bornu was the first indigenous governor of the Central Bank of Nigeria.
The new 1000 Naira note has the design of the old one but unlike the former note which had a shimmery gold color, the new note has a light blue touch.
Dr. Clement Nyong Isong was the governor of the Central Bank of Nigeria (1967–1975) during the military regime of General Yakubu Gowon. He was later elected governor of Cross River State (1979–1983) in the Nigerian Second Republic. While Mallam Alijy Mai-Bornu was the first indigenous governor of the Central Bank of Nigeria.
The new 1000 Naira note has the design of the old one but unlike the former note which had a shimmery gold color, the new note has a light blue touch.
The triangular shape at the middle of the front of the note remains just after the image of Clement Isong.
In addition, there is a subtle shiny strip running down the back of the note and hidden imagery above the yellow-colored round-cornered square sign, when viewed under sunlight.
The New Nigerian Five Hundred Naira (N500) Note Description
The N500 note is the second highest currency denomination in Nigeria after the N1000 note. The front of the newly introduced currency features the photo of Nnamdi Azikiwe who served as the first President of Nigeria from 1963 to 1966.
The back of the new N500 note features an image of oil rig just like the old design.
Unlike the old 500 Naira which had brown, dark blue, olive, green, and rose on multicolor underprints, the new note has Blue, Multicolor underprints. It retains the shiny silver strip and other attributes of the former note.
Description of the New Two Hundred Naira (N200) Note
The two hundred Naira is the lowest denomination in the new currency design series.There is no change to the images of the new notes. It still has Alhaji Sir Ahmadu Bello on it with a silvery strip by the center.
The color has been changed from the former brown, dark blue, and green on multicolor underprint to a reddish mauve on multicolor underprint.
Full Implementation of the New Nigerian Bank Notes
The currency will be officially available for public use from December 15, 2022. While the new notes will be in use as the medium of exchange simultaneously with the old one, the former will cease to function as the nation's legal tender on January 31, 2023.
Meanwhile, Nigerian commercial banks have extended their working hours to ensure customers have enough time to return the old notes before the deadline.
Meanwhile, Nigerian commercial banks have extended their working hours to ensure customers have enough time to return the old notes before the deadline.
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