Nigeria’s Central Bank has moved to unveil newly designed 200, 500 and 1000 naira notes by the end of the year.
On Wednesday, the apex bank’s governor Godwin Emefiele disclosed that plans were being made to launch new naira notes by December 15, 2022.
Mr Emefiele made the disclosure at a CBN Governor’s special press briefing in Abuja, asking depositors to hit the banks to exchange their old currencies for the new ones before the January 31, 2023 expiration date.
Mr Emefiele said the move has since been approved by President Muhammadu Buhari and other stakeholders and that they were certain that the decision would positively impact the value of the Naira.
The disclosure comes a few days after the CBN celebrated the one year anniversary of the eNaira, Africa’s First Central Bank Digital Currency (CBDC) launched by Mr Buhari October 25, 2021.