The Central Bank of Nigeria (CBN) has announced the redesign of N200, N500 and N1,000 naira notes.
The apex bank revealed that it will start circulating the newly redesigned curriencies starting December 2022.
Governor Godwin Emefiele disclosed this on Wednesday afternoon during a special briefing.
He said the naira notes were redesigned following a request from the Federal Government.
Emefiele stated that CBN has secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.
“In line with the provisions of Sections 2(b), Section 18(a) and Section 19, Seb section(a) and (b) (2007), the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,00 levels,” he said.
“In line with this approval, we have finalised arrangements for the new currency to begin circulation from December 15, 2022 after its launch by President Buhari.
“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be a legal tender.”