Commercial banks in major cities in Nigeria have started dispensing the newly redesigned naira notes to over-the-counter customers. This came after Central bank of Nigeria, CBN’s announcement that the newly redesigned naira notes would go into circulation today, Thursday 15th December 2022.

CBN Governor, Godwin Emefiele

Prior to this, President Muhammadu Buhari had unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa. The President unveiled the redesigned notes across the N200, N500 and N1,000 denominations.

The CBN governor, Godwin Emefiele, had in October announced that apex bank would release re-designed naira notes by 15th December, 2022. He also disclosed that the old notes would cease to be regarded as legal tender by 31st January, 2023. Emefiele pointed out that the redesigning of the naira notes would help curb counterfeit notes, and reduce ransom payments to terrorists and kidnappers.

The CBN boss said it was worrisome that 85 percent of the total currency in circulation was being hoarded by Nigerians. As such, he said the redesigning of the local currency would help to mop up the currency outside the banking sector, adding that out of about N3.3tn in circulation, close to N2.75tn were outside the banking sector.

Story: Christy Dung