Wed, Nov

Redesigned Naira Notes To Be Released

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The Central Bank of Nigeria (CBN) has revealed through its Governor, Godwin Emefiele, that the current 200,500, and 1000 Naira notes will be mopped up in an effort to curb inflation and also to take charge of money control supply in the nation, hence the current notes will no more be accepted from 21st January 2023, giving 100 days to swap old notes for the new incoming notes. It is said that the redesigned notes will be in circulation on 15th December 2022, Emefiele, therefore, urges Nigerians to begin depositing such cash in possession from 27th October 2022, at no cost ahead of disbursement.

The CBN, which had been battling inflation stated that with more than N2.73 trillion out on the streets from the N3.23 trillion outside the CBN vaults, it aims to take control of the money supply by mopping up all cash from the economy both within the vaults of banks and in the hands of citizens.