gtag('config', 'G-4J8L8BEK7P');
Connect with us

Hi, what are you looking for?

Business

CBN TO START CIRCULATING REDESIGNED NAIRA NOTES IN DECEMBER

The Central Bank of Nigeria (CBN) said it will start circulating the newly redesigned N200, N500, and N1000 naira notes starting December 2022.

The CBN Governor, Godwin Emefiele who disclosed this on Wednesday afternoon during a special briefing, said that existing notes would seize to be regarded as legal tender by January 31, 2023.

He added that the naira notes were redesigned following a request from the Federal Government.

Advertisement. Scroll to continue reading.

The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

In other news

National

President Muhammadu Buhari Wednesday reaffirmed the commitment of Nigeria to work with Guinea Bissau and other countries towards sustaining and strengthening democracy and good...

Transport

The Minister of works, Babatunde Fashola has ordered the opening of the second Niger Bridge to ease traffic during the Yuletide. The federal controller...

Entertainment

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Wednesday said it received Oladapo Daniel Oyebanjo, popularly known as D’Banj, at its...

Transport

As part of efforts to promote air safety, Nigeria has signed a memorandum of understanding with Saudi Arabia on accident investigation. The Accident Investigation...

National

The Minister of Finance, Budget and National Planning, Zainab Ahmed has stated that Nigeria is not broke. She noted that the country continues to...

National

In a bid to clear the backlog of passport applications, the Nigeria Immigration Service (NIS) has directed passport offices to work on Saturdays. “The...

Advertisement