Naira redesign: CBN launches countdown clock on website

The Central Bank of Nigeria (CBN) has set a countdown clock on its website showing the deadline for three banknotes in circulation.

NewsClick Nigeria reports that the apex bank had announced plans to redesign, produce, release and circulate a new series of three banknotes out of the existing eight banknotes.

The Senate last week resolved to provide legislative support to the CBN on the plan to redesign the N1,000, N500 and N200 naira notes.

CBN Governor, Mr. Godwin Emefiele, had on October 26, announced a redesign of the currency in the variation of N200, N500 and N1,000. The CBN governor, who pointed out that the change was sequel to the approval of the president, had said circulation of the new banknotes would commence on December 15, 2022.

Emefiele had said there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation was outside the vaults of the commercial banks. He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable.

Emefiele had explained that the new and existing notes would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender.

He had said all banks currently holding the existing denominations of the currency might begin to return the notes to the CBN immediately, adding that the newly designed currency would be released to the banks on a first come, first served basis.

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