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BREAKING: CBN to launch new Naira notes, gives reason

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Wednesday announced that 200, 500, and 1,000 notes will be redesigned by December 2022.

POLITICS NIGERIA reports that Emefiele equally advised Nigerians to return the existing old notes to their banks before the expiration period.

The CBN helmsman was speaking during a special press briefing in Abuja, the Nigerian capital city.

According to him, actions are being taken in order to take control of the currency in circulation.

He stated that the bulk of Nigeria’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

More to come…

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6 Comments

  1. That will be credible if actually executed because it will help in rapid recovery of those currencies outside Banks, it’s a welcome idea by me.

  2. THE MOST ABSURD ILLOGICAL EXCUSE EVER.
    “According to him, actions are being taken in order to take control of the currency in circulation.

    He stated that the bulk of Nigeria’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.”.

    MEANING, THE NEW NOTES WOULD FOREVER REMAIN LOCKED UP IN THE CBN VAULTS AND THE PEOPLE RETURNING THE CURRENT NOTES FOR EXCHANGE WOULD NOT NEED THEM FOR THE REASON THEY KEPT THEM IN THE FIRST INSTANCE.

    All these Adam Smith economic philosophies are rustic outdated and not applicable to the reality of today’s economy.

    YOU WOULD RECALL HOW IN SAME VEIN, THE HIKE IN INTEREST RATE HAVE NOT SOLVED THE ECONOMIC MALAISE RAVAGING THE ECOUNTRY, CURRENTLY.

    The Adam Smith’s people cum economists!

  3. We don’t know how to express this incredible reasons of changing the currency. But only what we know is that someone who is living abroad , internationally trying to vandalize our great country’s currency and her economies.So, I , Bangoma Ali will give a secret advice to my great country people especially those who are staying in the villages to buy food items or other materials and store them before the circulation of the redesigned currency because there are highway ️ armed robbers. Otherwise………………………..

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