The newly redesigned naira notes will go into circulation on Thursday, December 15, 2022, (Today). This is according to Godwin Emefiele, the Governor of Central Bank of Nigeria, who had in October stated that by December 15, 2022 the new currency would be in circulation.
This came after the President, Major General Muhammadu Buhari (rtd), unveiled the new bills at a weekly FEC meeting in the Villa.
The President unveiled the redesigned naira notes across various denominations, N200, N500 and N1, 000 respectively.
According to Godwin Emefele, the redesigning of the naira notes would help to curb counterfeit notes, and reduce ransom payments to terrorists and kidnappers.
He further stated that the old naira notes would cease to be regarded as legal tender by the 31st of January, 2023.
“It was worrisome that 85 per cent of the total currency in circulation was being hoarded by Nigerians”, he added.
“the redesigning of the local currency would help to mop up the currency outside the banking sector, adding that out of about N3.3tn in circulation, close to N2.75tn were outside the banking sector”, he stated further.
In the interval, top commercial banks’ officials confirmed that and also disclosed that they have received the new naira notes from the Central Bank of Nigeria a couple of days ago, adding that the redesigned currency would be release to their customers with effect from Today (Thursday).
Multiple banking source confirmed that the new naira notes had arrived and were being kept in their vaults and it would be paid to customers beginning from today (Thursday).
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