At the State House in Abuja on Wednesday morning, President Muhammadu Buhari publicly unveiled three newly designed bank notes: the N200, N500, and N1,000.
Recall that the newly designed N200, N500, and N1,000 notes will be issued by the Central Bank of Nigeria (CBN) effective December 15, 2022. The previous N200, N500, and N1,000 notes will continue to be legal tender and circulate alongside each other until January 31, 2023.
The CBN Governor, however, revealed to journalists on Tuesday that the revised notes will now be made public this Wednesday in a surprising turn of events.
On the eve of the CBN Monetary Policy Committee (MPC) meeting, he disclosed it in Abuja.
Emefiele stated that the apex would not completely change its deadline.
The unveiling of the three highest Nigerian currencies was performed by the President shortly before the commencement of the weekly Federal Executive Council (FEC) meeting.
Present at the ceremony were the Secretary to the Government of the Federation, Boss Mustapha; Chief of Staff to the President, Prof. Ibrahim Gambari, and Head of Civil Service of the Federation, Dr Folashade Yemi-Esan.
Others were Ministers and the Governor of the Central Bank of Nigeria, Godwin Emefiele.
In his brief remarks, the CBN Governor said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.
He reiterated that the old Naira notes currently in use will remain as legal tenders till January 31, 2023.
Details Later…
