Breaking News…..CBN To Introduce Newly Redesigned Bank Notes In Circulation, Mop Up Old Notes Within 100 Days

The Central Bank of Nigeria (CBN) is to introduce in circulation redesigned currency notes in frantic efforts to shore up the depreciating value of the naira, check currency hoarding by members of the public, curtail currency counterfeiting, among others acts detrimental to nation’s currency and economic growth.

The CBN Governor, Godwin Emefiele, announced this Wednesday, saying that President Muhammadu Buhari has approved the redesigning of the Naira.

Emefiele said the redesigning affected N200, N500, and N1000 notes as approved by the President.

He recalled that currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December, 2015 to N3.23 trillion as at end of September, 2022.

He also said there is significant hoarding of Naira by the public, citing that 85 percent of currency in circulation are outside the vaults of the commercial banks.

According to him, CBN statistics showed that as at end of September, 2022, N12.73 trillion out of N3.4 trillion currency in circulation was outside the vaults of the commercial banks, probably held by the members of the public.

He said that the standard practice is to redesign currency every 5-8 years but the nation’s existing currencies had not been redesigned in the last 20 years.

Emefiele said that the redesigning of the Naira will curb incidences of kidnapping and Ransome payments, deepen cashless economy and boast the integration of the eNaira into the banking systems.

Details coming……