The Central Bank of Nigeria (CBN) said it would release re-designed N200, N500, and N1,000 notes by December 15, 2022
CBN Governor, Godwin Emefiele, disclosed this during a special press briefing in Abuja on Wednesday.
“In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes,” Emefiele said.
According to him "global best practice is for central banks to redesign, produce and circulate new local legal tender every five to eight years, the naira has not been redesigned in the last 20 years."
“All deposit money banks (DMBs) currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis," he added.
Emefiele noted that the existing notes would cease to be regarded as legal tender by January 31, 2023.
