President Muhammadu Buhari has unveiled the newly redesigned naira notes.
Buhari unveiled the N200, N500, and N1000 notes today, Wednesday, 23rd November 2022 at the State House, Abuja.
Recall that the governor of the Central Bank of Nigeria, Godwin Emefiele at the end of MPC meeting yesterday announced that the president would launch the new banknotes today.
He said that the new banknotes will start circulating immediately after the launch, instead of the December 15, 2022 earlierscheduled. According to the Governor, the new notes will help reduce the volume of currency in circulation, hence curbing the rising inflation rate.
He also cited the higher rates of counterfeiting of N500 and N1,000 banknotes as part of the reason for the redesign.
According the Apex bank, the new and existing naira notes shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be a legal tender, meaning that Nigerians have about 69 days to deposit their old currencies in the bank and withdraw the new notes.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.