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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.
He also 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.
Addressing the media in Abuja, the apex bank chief said the redesigned Naira notes would be introduced into the financial system in Nigeria by December 15, 2022.
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.
While expressing optimism that the bank would be able to withdraw the current Naira notes from circulation, Emefiele said it is about 100 days to the target.
“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
“In line with this approval, we have finalized arrangements for the new currency to begin circulation from 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.
“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.” He said.