News

President Buhari Unveils New Naira Notes


President Buhari Unveils New Naira Notes

The new naira notes redesigned by the Central Bank of Nigeria have been unveiled by President Muhammadu Buhari.

Governor of the CBN, Godwin Emefiele has announced earlier that the unveiling ceremony will take place today, November 23.

The apex bank had said that it took the decision of redesigning the N200, N500, and N1000 to address persisting concerns with the management of the current series of bank notes and currency in circulation, particularly those outside the banking system. These challenges primarily include significant hoarding of bank notes by members of the public, with statistics showing that over 80 percent of the currency in circulation is outside the vaults of commercial banks.

Buhari unveiled the new currency notes on Wednesday morning before the federal executive council (FEC) commenced its meeting at the state house, Abuja.

Everyone in Nigeria has 100 days to deposit their money in the bank and get it when the new notes are issued.

By January 31, 2023, existing notes would cease to be regarded as legal tender, according to the CBN Governor.

See photos of the new currency below:

0F509192 9F16 40FF 8901 AC329849ECDF

351357A3 D4A8 4A42 A886 576AFE9C4FBC

84AEAF2C D327 4753 9E2B 3A964BDA09AA

mp3 button
mp3 button

Subscribe to MX TV

Do you find Morexlusive useful? Click here to give us five stars rating!

Leave a Comment