New naira notes begin circulation

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Lagos, Dec, 15, 2022 – The newly redesigned bank notes will start circulating form today.

They are in N200, N500 and N1000 denominations.

Mr Godwin Emefiele, the Governor of CBN, had in October, announced that apex bank would release the newly re-designed naira notes by December 15, 2022, while the old notes would cease to be legal tender by January 31, 2023.

Emefiele said the redesigning of the naira notes would help to curb counterfeit notes and reduce ransom payments to terrorists and kidnappers.

He said that it said it was also worrisome that 85 per cent of the total currency in circulation was being hoarded.

President Buhari, while launching the notes on Nov. 22 in Abuja, had said that the new notes would the CBN to implement monetary policies more effectively.

He said that the new notes were coming more than 20 years after the country had introduced new notes against the international best practices of between five to eight years. (GBN)

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