CBN Plans to Release Redesigned Naira Notes in December 2022.

The redesign will affect the 200, 500 and 1000 banknotes, with the redesigned banknotes expected to be in circulation by 15 December 2022, while the current naira note will cease to circulate as legal tender from 31 January 2023 President of CBN.

The naira was due to be renamed in August 2008, although then-President Umaru Musa Yar’Adua rescinded the practice and 100 old naira became 1 new naira. The Central Bank of Nigeria says it will make the naira fully convertible into foreign currencies by 2009. Currently, the amount of foreign exchange is regulated through weekly auctions, while the central bank sets the exchange rate. The naira appreciated against the dollar until 2007 due to high oil revenues. The bank’s then-governor, Professor Chukwuma Soludo, also noted that the central bank’s practice of weekly foreign currency auctions is being phased out and the bank “will only intervene in the market as necessary to achieve stated policy objectives”.

“Based on these trends, issues and facts, and pursuant to Section 19(a) and (b) of the CBN Act 2007, CBN Management has applied for and obtained approval from President Muhammadu Buhari to Redesign, production and issuance of a new series of N100, N200, N500 and N1,000 banknotes. Following this approval, we have arranged for the new currency to enter circulation on December 15, 2022. New and existing currencies will remain legal tender , and will circulate together.

The redesigned notes will have new security features.

Other challenges listed include a growing shortage of clean and fitted banknotes, as well as negative perceptions of the CBN and increased financial stability risks; a growing number of security reports attesting to the ease and danger of counterfeiting.

“In fact, recent advances in photography and printing equipment have made counterfeiting relatively easy. The counterfeiting rate of CBN has increased significantly in recent years, especially for the higher denomination N500 and N1,000 banknotes,” he added. .

“In order to transition from existing banknotes to new banknotes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMB must be aware that no bank customer will incur any charges for withdrawing/depositing cash into their account. Please The public is aware that this instrument remains legal tender and should not be rejected as a medium of exchange for the purchase of goods and services.”