CBN To Redesign N200, N500, N1000 Notes; Gives January 2023 Deadline To Withdraw Old Notes

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Wednesday disclosed that the bank would redesign the N200, N500 and N1,000 notes.

Addressing reporters in Abuja, the apex bank chief said the redesigned Naira notes would be introduced into the financial system in Nigeria by December 15, 2022.

He said the central bank has till January 31, 2023, to mop up the current Naira notes from circulation, noting that for now, the notes would be accepted by banks and others for transactions.

Mr Emefiele stated that the CBN needs to be in control of cash in the financial system, noting that Nigerians would love the new notes.

This development is coming at a time the country is preparing for general elections next February.

Mr Emefiele expressed optimism that the bank would be able to withdraw the current Naira notes from circulation, saying it is about 100 days to the target.