Naira redesign: CBN begins deadline countdown


The Central Bank of Nigeria (CBN) has posted a countdown clock on its website indicating the deadline for three banknotes in circulation.

The apex bank had announced plans to redesign, produce, release, and circulate a new series of three banknotes in addition to the existing eight banknotes.

N200, N500, and N1000 notes would be redesigned.

On the new notes, CBN Governor Godwin Emefiele explained that the decision was made due to ongoing concerns about the management of the current series of banknotes and currency in circulation, particularly those outside the banking system


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According to Emefiele, one of these challenges primarily include significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of the currency in circulation is outside the vaults of commercial banks.

Despite the decision, some experts believe it would negatively affect the economy.

Last week, CBN instructed commercial banks to work Saturdays to enable customers to return existing naira notes.