Sat, Sep

Naira Redesign: CBN Unveils Countdown Clock

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In a bid to remind Nigerians of the proposed Naira redesign of N200, N500, and N1,000 notes, the Central Bank of Nigeria (CBN) has unveiled a countdown clock on its website. The apex bank previously announced in October that the new Naira notes will be released for circulation on December 15, 2022. It stated that both the old and new Naira notes would remain legal tender from December 15, 2022, to January 31, 2023, however, the old Naira notes will no longer be regarded as legal tender from January 31, 2023.

The CBN announced several measures to ease the transition from the old to New Naira notes such as commercial banks would work on Saturdays to assist customers to deposit the current Naira notes, suspending bank charges on deposits, amongst other measures.

The CBN governor, Godwin Emefiele had stated in October that the redesign was because members of the public were hoarding Naira notes, he added that according to statistics 80 percent of currency in circulation were not kept in commercial banks.

Although some experts predict the Naira redesign would negatively affect the nation’s economy, other experts believe it is a necessary development aimed at boosting the strength of the Naira.