Banks Dispense New Naira Notes

Commercial banks in major cities in Nigeria have started dispensing newly redesigned naira notes to over-the-counter customers.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had on October 26, 2022, said the apex bank will issue redesigned 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.

President Muhammadu Buhari subsequently unveiled the newly designed notes on Wednesday, November 23, 2022.

However, economists have urged the CBN to take firm control of the quantity of the redesigned naira notes it would release into circulation to avoid hoarding and counterfeiting.