The Central Bank of Nigeria has announced it will launch new naira notes before the end of the year. The newly redesigned Naira notes are to come into use, December 15, 2022.
The CBN Governor Godwin Emefiele disclosed this at a press conference on Wednesday.
The Apex bank boss revealed that the new currencies will include the N200, N500 and N1000 notes.
“In line with the provisions of Sections 2(b), Section 18(a) and Section 19, Seb section(a) and (b) (2007), 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 N1,00 levels,” he said.
“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022 after its launch by President Buhari.
“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be a legal tender.”
Once the new notes are designed Nigerians are expected to take old notes to banks for the new notes.