BREAKING: CBN To Redesign Naira Notes, Sets Date For Issuance |READ DETAILS
AFNews Reporter
Oct 26, 2022
The Central Bank of Nigeria (CBN) has disclosed that it will redesign the N200, N500, and N100 notes.
READ ALSO: ABIA 2023: Onyekwere Akyme Uche (O.A.U): Exemplary Youth, Networker, Technocrat ..
CBN Governor, Godwin Emefiele, made this known in Abuja on Wednesday during a special press briefing.
READ ALSO: JUST IN: Popular Politician, Ahmed Gulak Shot Dead In Owerri
According to him, the new design and issues will be effective from December 15, 2022.
READ ALSO: TINUBU'S 2023 AMBITION: Alaafin Of Oyo Invokes Ancestors Of Yorubaland |READ DETAILS
While advising Nigerians to take old notes to banks for the new notes, Emefiele said that the action was taken in order to take control of the currency in circulation.
He noted the bulk of the nation's currency notes was outside bank vaults and the CBN would not allow the situation to continue.
"To be more specific, as at the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public," he said.
READ ALSO: How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
"Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as at September 2022. I must say that this is a worrisome trend that must not be continued to be allowed."
READ ALSO: Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
More To Follow
Related Stories
Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
How Trump's Threat Triggered N2.8 Trillion Stock Market Crash In Nigeria - Investors Panic As Confidence Plummets
How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
7 Online Money Traps Young Nigerians Are Falling Into
""
— AFNews Reporter