Citing Excessive Cash Hoarding, CBN Set to Release Redesigned Naira Notes – THISDAYLIVE


*To release new N100, N200, N500, N1000 notes Dec. 15

*Sets Jan 21, 2023 as deadline for old notes

Nume Ekeghe, James Emejo and  Kasim Sumaina

The Central Bank of Nigeria has stated that in its bid to reduce the excessive hoarding of naira notes outside the banking system it is set to introduce newly redesigned naira notes for N200, N500 and N1000.

The Governor of the Central Bank, Godwin Emefiele announced this at a press briefing in Abuja Wednesday.

He noted that the new notes would be in circulation from December 15, 2022 and would also accommodate the old notes as legal tenders until January 21, 2023, which the apex bank has set as the target for mop-up.

He advised that there would be no charges for deposits and that the public should deposit monies outside the system to the banks to get the new notes once launched.

He said: “Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of…

Source: Thisday Newspaper