Kufre George
The Central Bank of Nigeria (CBN) says it will redesign the 200, 500, and 1,000 naira notes.CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja, adding that the new design will be effective from December 15, 2022.The action was taken in order to take control of the currency in circulation, according to the CBN boss.The apex bank has secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.Once the new notes are designed, Nigerians are expected to take old notes to banks for the new notes.The CBN Governor is also concerned about how Nigerian currency is being stored currently, noting that the bulk of the nation’s currency notes was outside bank vaults and the CBN would not allow the situation to continue.According to Emefiele, the initiative by the CBN will help address some of the nation’s security threats, especially kidnapping and terrorism.
