NIGERIA AND THE NEW NAIRA NOTES – THISDAYLIVE

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What is imperative and urgent now is to find opportunities to export and earn foreign exchange, writes Boniface Chizea

On Wednesday 26, October 2022 at a hurriedly organized press conference, the Governor of the Central Bank transmitted the news that new Naira notes will be introduced on December 15, 2022 to replace the existing 200, 500, and 1,000 Naira notes. The old notes would remain legal tender currency till the end of January 2023. He urged citizens to take advantage of the window before the introduction of the new notes.

The Governor explained that change of currency is recommended within the interval of five to seven years but the last time Nigeria embarked on this exercise was in 1984, about 20 years ago. And therefore this exercise is overdue going by received wisdom.

The Governor gave other reasons for the introduction of the notes as due to the need to correct urgently the existing scenario whereby 85% of the currency in circulation is…



Source: Thisday Newspaper