Nigeria’s apex bank, Central Bank of Nigeria (CBN) has stated its decision to introduce re-designed Naira notes to the market.
This was made known during a press briefing in Abuja, today, Wednesday, October 26, 2022 where the CBN Governor, Godwin Emefiele, announced that the bank would release new sets of re-designed naira notes by December 15, 2022. He also said that existing notes would cease to be regarded as legal tender by January 31, 2023.
The CBN governor pointed out that it has become worrisome that about 85 percent of the currency in circulation is being hoarded. He further urged Nigerians to proceed to their banks to deposit their naira notes, adding that the deposit fee would be waived. He noted that redesigning of naira notes would help to curb counterfeiting, as well as curb criminality such as kidnapping for ransom.
Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.
