On Wednesday, October 26, 2022, the Central Bank of Nigeria (CBN) announced that the N200, N500, and N1,000 notes would be redesigned.
This was revealed by CBN Governor Godwin Emefiele at a special press conference in Abuja. The updated layout and problems will take effect on December 15, 2022.
According to the CBN chief, the step was done to seize control of the cash in circulation.
According to Emefiele, the apex bank has obtained the president’s consent to issue fresh notes to replace the current currency in use.
Nigerians are expected to take their old notes to banks to exchange for the new notes once the new notes are designed.
The governor of the CBN is also concerned about how Nigerian cash is being kept.
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He claimed that the CBN would not tolerate the situation continuing in which the majority of the country’s currency notes were kept outside bank vaults.
Emefiele said: “To be more specific, as of the end of September 2022, available data at the CBN indicates that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public.
“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022. I must say that this is a worrisome trend that must not be continued to be allowed”.
He claims that the CBN initiative will aid in addressing some of the country’s security issues, namely kidnapping and terrorism.
He thinks that terrorists and kidnappers use the significant surplus of money to fund their evil deeds.
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