The Central Bank of Nigeria (CBN) has announced that Nigeria’s currency notes would be redesigned to tackle inflation and liquidity control.
Following the development, the apex bank said, it will begin a mop up of the current Naira notes in the country, while offering Nigerians 47 days to exchange the current naira notes with the new notes.
The affected currencies are, N200, N500 and N1000 notes which are expected to be floated on December 15, 2022, but the current notes becomes illegal with effect from January 31, 2023.
The Central Bank governor, Godwin Emefiele while addressing journalists in Abuja on Wednesday noted that individuals with cash at hand can begin depositing their monies into their bank accounts from Thursday, October 27, 2022, at no cost ahead of the disbursement of the new Naira notes giving them 100 days to swap old notes for the redesigned notes.
The CBN, which had been battling inflation, noted that with more than N2.73 trillion out on the streets from the N3.23 trillion outside the CBN vaults, it aims to take control of money supply by mopping up all cash from the economy both within the vaults of banks and in the hands of citizens.
CAPITAL POST noted that the development is amidst daily free fall of naira to the US dollar and other foreign currencies.
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