Godwin Emefiele, Governor of the Central Bank of Nigeria, has already indicated that the unveiling event will take place today, November 23.
The central bank stated that it decided to redesign the N200, N500, and N1000 to address ongoing concerns about the management of the present series of banknotes and cash in circulation, particularly those outside the banking sector.
These issues principally involve extensive hoarding of banknotes by members of the public, with data indicating that more than 80% of cash in circulation is outside commercial bank vaults.
- Advertisement -
Buhari revealed the new currency notes on Wednesday morning, prior to the start of the federal executive council (FEC) meeting at the state house in Abuja.
Everyone in Nigeria has 100 days to deposit money in a bank and receive it when new notes are issued.
- Advertisement -
According to Emefiele, existing notes will no longer be considered legal tender by January 31, 2023.
Images of the new Naira notes can be found below.
- Advertisement -
Read some reactions below:
