Godwin Emefiele, Governor of the Central Bank of Nigeria announced today the imminent issue of new banknotes of 200 naira (NGN200.2), 500 naira (NGN500.2) and 1,000 naira (NGN1,000.2).
Emefiele said that the new banknotes will be issued from Thursday 15 December 2022.
It also announced that current notes of 100 naira (NGN100.1) and (NGN100.2), 200 naira (NGN200.1), 500 naira (NGN500.1) and 1,000 naira (NGN1,000.1) will cease to be legal tender by 31st January 2023.
The Central Bank believes that 85% of the currency in circulation is being hoarded. Cash deposit fees will be waived for amounts up to NGN150,000.
He also mentioned that better security of the new notes will cut down on counterfeiting.
Note of the Editor: As Nigeria is the most populous African country with about 215,000,000 inhabitants, and a very large area, it is doubtful that the withdrawal exercise can be completed in 45 days, even when banks will be open Monday to Saturday, as it was announced. It was not made clear whether the withdrawn notes may be redeemed after 31st January 2023.
Sources: Many in Nigeria.
Courtesy: Alex Zlotin.
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