Central Bank of Nigeria(CBN) on October 27 2022 announced the replacement of the 200, 500 and 1000 Naira notes.
Today, 23rd November 2022, some images has been circulating the internet for the newly introduced Naira notes.
Nigerians reacted that only the color was changed and no major difference could be seen while juxtaposing the previous Naira notes and the newly introduced notes.
Naira notes will be introduced on December 15, 2022 to replace the existing 200, 500, and 1,000 Naira notes. The old notes would remain legal tender currency till the end of January 2023. He urged citizens to take advantage of the window before the introduction of the new notes.
The Governor explained that change of currency is recommended within the interval of five to seven years but the last time Nigeria embarked on this exercise was in 1984, about 20 years ago. And therefore this exercise is overdue going by received wisdom.
The Governor gave other reasons for the introduction of the notes as due to the need to correct urgently the existing scenario whereby 85% of the currency in circulation is outside the banking system. He emphasized the urgency of the need for the Central Bank to reclaim currency management which as per the Act establishing the Bank is its exclusive preserve and could not have been more pressing. And it is expected in the process to deal a deadly blow to the thriving and dangerous burgeoning kidnappings and ransom payment industry.
It is also expected that the exercise will seriously affect those who have turned currency counterfeiting as a major occupation.