CBN HINTS AT REDESIGNING N200, N500 AND N1000 NOTES BY DECEMBER, 2022
The Central Bank of Nigeria, CBN, says it will on December 15, 2022, issue out a new redesigned currencies of N200, N500, and N1,000 notes.
CBN Governor, Godwin Emefiele, disclosed this on Wednesday, during a special media briefing in Abuja.
Emefiele explained that he had secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.
According to the CBN boss, the action was taken in order to take control of the currency in circulation.
CBN governor stated that once the new notes are designed, Nigerians are expected to take old notes to banks for the new notes.
Emefiele stated that he was also concerned about how Nigerian currency is being stored currently.
He stressed that the bulk of the nation’s currency notes were outside bank vaults adding that the CBN would not allow the situation to continue.
According to Emefiele, as of the end of September 2022, available data at the CBN indicated that N2.7 trillion out of the N3.3 trillion currency in circulation was outside the vault of commercial banks across the country and supposedly held by members of the public.
He disçlosed that currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015, to N3.2 trillion as of September 2022.
The CBN governor added that it’s a worrisome trend that must not be allowed anymore.
He stated that the initiative by the CBN would help address some of the nation’s security threats, especially kidnapping and terrorism.
According to him, terrorists and kidnappers capitalized on the excess of money in circulation to carry out their nefarious activities.