CBN Redesigns 200, 500, 1,000 Naira Notes ~ AmanaOnline

News

Back To Homepage Subscribe To RSS Feed

CBN Redesigns 200, 500, 1,000 Naira Notes

October 26

14:57 2022

The Central Bank of Nigeria (CBN) on Wednesday announced plans to redesign the 200, 500, and 1,000 naira notes.

CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja.

Emefiele said the redesign will take effect from Thursday, December 15, 2022.

He also said that existing notes would seize to be regarded as legal tender by January 31, 2023.

Emefiele disclosed this during a press briefing in Abuja on Wednesday.

The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

Disclaimer

Disclaimer

The information contained in this portal is for general information purposes only. The information is provided by AmanaOnline.com.ng.

While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, availability or guarantees, with respect to the claim and/or the website, or the information, the products, the services, or the related graphics contained on the website, for any purpose.

Any reliance you place on such information is therefore strictly at your own risk.
Information presented on this website is considered public information (unless otherwise noted) and may be re-distributed or copied.

Use of appropriate byline/photo/image credit is requested.

AmanaOnline

News