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The New Naira Notes Are Into Circulation

Today, December 15, the newly redesigned naira notes will be on circulation

Keep in mind that Godwin Emefiele, the governor of the Central Bank of Nigeria, had made the announcement in October that the apex bank would issue new N200, 500, and 1000 naira notes by December 15, 2022. By January 31, 2023, he stated, the old notes will no longer be accepted as legal tender.

Emefiele noted that the redesign of the naira notes would reduce ransom payments to terrorists and kidnappers and assist in reducing counterfeit notes. Nigerians were hoarding 85% of the currency that was in circulation, according to the boss of the CBN.

Consequently, he asserted that the redesign of the local currency would assist in removing currency outisde the banking sector, noting that of the approximately N3.3 trillion in circulation, approximately N2.75 trillion are outside the banking sector.

This occurred about three weeks after the new bills were presented by the President, retired Major General Muhammadu Buhari, at a weekly meeting of the Federal Executive Council in Aso Rock Villa.

The new Naira notes are expected to be distributed to customers by banks today.

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