Central Bank To Re-Design 200, 500 and 1,000 Naira Notes

The Central Bank of Nigeria (CBN) has confirmed that the 200, N500, and N1,000 notes will be redesigned.

CBN Governor, Godwin Emefiele, made this announcement during a special press conference in Abuja.

The new design and issues will be implemented beginning December 15, 2022.

According to the CBN chairman, the action was taken to seize control of the currency in circulation.

The central bank has obtained President Muhammadu Buhari’s approval to issue new notes to replace the currency currently in circulation.

“In line with the provisions of Sections 2(b), Section 18(a) and Section 19, Seb section(a) and (b) (2007). The management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,00 levels,” he said.

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“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022 after its launch by President Buhari.

“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be a legal tender.”

Nigerians are expected to exchange old notes for new notes once the new notes are designed.

The Governor is also concerned about how Nigerian currency is currently stored.

According to him, the majority of the country’s currency notes were stored outside of bank vaults. And the CBN would not tolerate the situation.

Emefiele continued, “To be more specific, as of the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public.

“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022. I must say that this is a worrisome trend that must not be continued to be allowed.”

According to him, the initiative by the CBN will help address some of the nation’s security threats. This includes especially kidnapping and terrorism.

He believes that terrorists and kidnappers capitalise on the large excess of money to carry out their nefarious activities.