March 27, 2023

Naira redesign: Buhari to unveil new notes on Wednesday

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has disclosed that President Muhammadu Buhari will unveil the redesigned N1,000, N500 and N200 notes on Wednesday, November 23.

Emefiele stated this at the apex bank’s Monetary Policy Committee (MPC) monthly meeting in Abuja on Tuesday, November 22.

He said that the CBN would not extend the deadline for all old notes to be returned to commercial banks in exchange for newly designed ones.

The MPC also hiked interest rate to 16.5 per cent from 15.5 per cent while all other parameters remained unchanged.

Emefiele had earlier on October 26 said that CBN would redesign N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

However, Emefiele disclosed on Tuesday that the President would unveil the new notes on Wednesday.

“One hundred days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released,” he said.

“For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.

“By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10:00 am.”

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