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Buhari to unveil redesigned banknotes on Wednesday: Emefiele

The redesigned banknotes by the apex bank include N200, N500, and N1000.

• November 22, 2022
CBN Governor Godwin Emefiele and President Muhammadu Buhari
CBN Governor Godwin Emefiele and President Muhammadu Buhari

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, announced on Tuesday that President Muhammadu Buhari will unveil newly designed banknotes on November 23.

Mr Emefiele stated this during the Monetary Policy Committee meeting of the apex bank in the Federal Capital Territory, Abuja, according to a Channels TV report.

Announcing the development, Mr Emefiele stated that the CBN will not extend the deadline for old notes to be returned to commercial banks in exchange for redesigned ones.

Peoples Gazette reported in October that the apex bank was planning to release new 200, 500, and 1000 naira notes by the end of the year.

Mr Emefiele had urged depositors to rush to banks to swap their old currency for new ones before the January 31, 2023 expiration date.

The CBN MPC at the meeting held on Tuesday, also increased monetary policy to 16.5 per cent from 15.5 per cent, while leaving all other parameters unchanged.

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