President Muhammadu Buhari has unveiled the new Naira notes that the Central Bank of Nigeria has designed.
Godwin Emefiele, the governor of the Central Bank of Nigeria, had earlier declared today, November 23, would be the day of the unveiling ceremony.
In order to address ongoing issues with the management of the existing series of banknotes and currency in circulation, particularly those outside the banking system, the apex bank stated it decided to redesign the N200, N500, and N1000.
The public’s large hoarding of banknotes is one of the main problems; according to data, more than 80% of the cash in circulation is not kept in commercial banks’ vaults.
On Wednesday morning, before the Federal Executive Council (FEC) meeting began at the state palace in Abuja, President Buhari unveiled the new currency notes.
In Nigeria, everyone gets 100 days from the time new notes are released to deposit their money in the bank and withdraw it.
Existing notes would be no longer be considered legal currency as of January 31, 2023, according to Emefiele.
See more photos of the new currency notes.