CBN FINALIZES PLANS FOR CIRCULATION OF NEW NAIRA NOTES


 By Dr. Helen Chimezie

The Central Bank of Nigeria (CBN) has finalized arrangements for the new series of N100, N200, N500, and N1,000 banknotes to begin circulation on December 15, 2022.

This was disclosed by the CBN Governor, Godwin Emefiele during a special press briefing in Abuja on Wednesday.

Emefiele said the new and existing naira notes shall remain legal tender and circulate together until January 31, 2023, when the existing naira notes shall seize to be legal tender.

He 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.

"Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services." He said.

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


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