On October 26, 2022, Godwin Emefiele, the Governor of the Central Bank of Nigeria, made the announcement that new currency would be released to replace the existing denominations of 200, 500, and 1,000 currency in circulation.
According to Emefiele, the new design will be implemented beginning on Thursday, December 15, 2022.
He also stated that any notes currently in circulation would cease to be considered legal money as of the 31st of January, 2023.
4 reasons CBN redesigned Naira
The Central Bank of Nigeria (CBN) opted to redesign the Country’s Legal Tender for the following four reasons;
1. The introduction of the New Naira notes is part of an effort to regulate the total amount of currency in circulation.
2. A new design for the Naira note was introduced in order to combat the problem of people whose primary means of financial support come from the counterfeiting of currency.
People who have hidden money that they have stolen, for example, would either find a means to alter it by taking the money out or decide that they no longer need it given the shift in the value of the Naira.
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3. It is believed that the modification to the notes will assist in bringing the rate of inflation down.
4. The introduction of the new currency is also intended to deliver a decisive blow to the expanding kidnapping and ransom industry.