Naira redesign: CBN Launches Countdown ClocK

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The Central Bank of Nigeria has launched a countdown clock on its website to January 31, 2023 deadline for N200, N500 and N1,000 banknotes currently in circulation. Apex Bank has announced a naira refurbishment policy to create new banknotes of three denominations of naira in circulation.N200, N500, N1,000 banknotes. CBN has set December 15, 2022 as the date of entry into circulation for the new Naira banknotes. Banknotes currently in circulation will remain legal tender alongside new banknotes from December 15, 2022 to January 31, 2023. The Apex Bank said the old banknotes will cease to be legal tender from January 31, 2023. The central bank has advised Nigerians to deposit the redesigned denominations in various banks, saying the banks are open every week from Monday to Saturday. It also said it had suspended bank deposit fees during the same period, adding that there is no limit to the amount that can be deposited at a time. CBN governor Godwin Emefiele said the public was hoarding naira notes, with statistics showing more than 80% of the currency in circulation outside commercial bank vaults. The current situation in September 2022 was unacceptable, with a total of N 3.2 trillion in circulation, of which N 2.73 trillion was outside bank vaults.

Samuel Alexander

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