CBN gives new looks to naira, begins circulation Dec. 15

The Central Bank of Nigeria (CBN) is set to redesign certain denominations of the Nigerian currency.

The Governor of CBN, Mr Godwin Emefiele, made this revelation at a press conference in Abuja on Wednesday.

The governor confessed that the apex bank had got the approval of President Muhammadu Buhari to give N200, N500 and N1,000 notes new looks.

Emefiele also said that it was a way of performing key function of the apex bank’s, which is currency management.

“Currency management is the key function of the CBN as enshrined in the CBN Act. The integrity of a local legal tender, efficiency of its supply and its efficiency are some of the functions of a great central bank.

“In recent times, currency management has faced several challenges that have continued to escalate in scale and sophistication, with unintended consequences for both the CBN and the country.

“On the basis of these, and in line with the provision of CBN Act, the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,000.

“In line with the approval, we have finalised arrangements for the new currency to begin circulation on Dec. 15,” he said.

The governor further explained that the new and the existing currencies would be regarded as legal tender and be in circulation together until Jan. 31, 2023.

He implored Deposit Money Banks which are currently holding existing denominations to start returning them back to the CBN as soon as possible.

“The newly designed currencies will be released on the basis of ‘first come, first serve.’

“Customers of banks are enjoined to begin payment into their bank accounts to enable them withdraw the new banknotes once circulation begins,” he said.

He also declared that to achieve the purpose of the exercise, bank charges for cash deposit are under suspension with immediate effect.