The Central Bank of Nigeria has announced the withdrawal of N200, N500 and N1000 notes commencing with immediate effect, and that they would be replaced with newer notes from December 15 this year
In a special announcement made today, the CBN governor, Godwin Emefiele said the old notes would cease to be legal tender from January 31, 2023.
He said the apex bank has received the approval of FEC to effect the change of the notes.
He said Buhari is expected to launch the new naira notes.
Emefiele said the decision to change the national currency was both economic and security.
He said 80 per cent of the naira are circulating outside the banking system, triggering inflation and weakening the currency.
On security, he said ransom payments have resulted in putting enormous cash in the hands of terrorists.
Asked if he was hopeful that the naira could appreciate as a result of the change, Emefiele said yes, but he didn’t was to speculate.
