The Central Bank of Nigeria (CBN) has said it will start issuing redesigned naira notes from December 15, 2022.
This was disclosed by its Governor Godwin Emefiele in Abuja.
He affirmed that President Muhammadu Buhari has authorised the redesign, production, and circulation of new N100, N200, N500, and N1,000 notes.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
Emefiele said:
“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.”
According to him, the CBN plans to mop up N3.23 trillion from outside the banking system back into bank vaults in 100 days.
Emefiele said:
“As of September 2022, we had N3.23 trillion in circulation out of that N2.73 trillion is outside the vault of the bank, so first of all what we want to do is mop all this 3.23 trillion back into the CBN and take control of money supply and we will begin to see how this will rein in inflation no doubt this will have a positive impact on inflation.
“On the timeline for mopping up, I will say today is 26th, so, we have about six to seven days to the end of October till January 31, 2023, which is almost about 100 days to mop up the old currency out of circulation back to the vault.”
