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CBN to Phase out Naira Notes, Introduce New Designs from December

The Central Bank of Nigeria (CBN) has announced that newly designed naira notes of N200, N500 and N1,000 denominations will be introduced from December 15, 2022 in replacement of the current ones. The CBN Governor Godwin Emefiele made the announcement at a press conference on Wednesday.
He explained that the mop- up of the current notes and exchange with the new ones will be carried out within a six- week period from December 15, 2022 to January 31, 2023.

Emefiele advised Nigerians to take their old notes to banks in exchange for new ones.within the period.

In a related development, CBN will in the next 100 days mop up N3.23 trillion from circulation to tackle rising inflation leading to a wholly cashless economy.

The apex bank explained that of the N3.23 trillion cash in circulation as of September 2022, more than 84% amounting to N2.73 trillion is outside the vault of banks.

The mop- up of liquidity both within and outside banks’ vaults, according to the Central Bank Governor commences immediately to end on January 31, 2023.

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