By John Ikani
The Central Bank of Nigeria (CBN) has launched a countdown clock on its website showing the January 31, 2023 deadline for the N200, N500, and N1,000 banknotes currently in circulation.
CBN Governor, Godwin Emefiele, had on October 26, announced the redesign of N200, N500 and N1,000.
The CBN governor, during the announcement, said the change was sequel to the president’s approval and that the new banknotes would commence on December 15, 2022.
He explained that the decision to redesign the naira notes was made to ensure macroeconomic stability, stressing that the goal was to create a strong, stable, and resilient economy that is self-sufficient and capable of weathering unexpected shocks.
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.
The apex bank has since directed commercial banks in the country to remain open on Saturdays until January 31, 2023, to allow bank customers to exchange old naira notes for new ones.
