Central Bank of Nigeria (CBN) has set a countdown clock on its website showing the deadline for three banknotes in circulation.
Gatekeepers News reports that the apex bank Governor, Godwin Emefiele, on October 26, announced plans to redesign N200, N500 and N1000 notes
He explained that the decision was because the “CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”
Emefiele noted that the CBN will begin circulation of the new currency on December 15, 2022.
“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender,” he had said.
The CBN Governor also urged Nigerians to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins.
Last week, the apex bank directed commercial banks to work Saturdays to enable customers to return existing naira notes.
