Redesigning our naira is in the overall best interest of every citizen – CBN

The Central Bank of Nigeria says the redesigning of some of the naira denominations is in the overall best interest of every citizen.

The CBN governor, Godwin Emefiele, on Tuesday, disclosed that the N200, N500, and N1000 notes will be redesigned.

He said the redesigned notes will be released on December 15, 2022 and that the old notes will cease to be legal tenders on January 31, 2023.

In a statement released on its Facebook page this evening, the CBN mentioned that the redesigning of the notes is in the overall best interest of every citizen.

His post reads’

“CBN insists it followed the law, due process for Naira redesign, says exercise is 12 years overdue.

Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country. The hoarding of significant sums of banknotes outside commercial banks’ vaults should not be encouraged by anyone who means well for the country.

CBN had tarried for too long, considering it had to wait 20 years to carry out a redesign. In contrast, the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.”

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