New Naira Notes Hit Circulation

The newly redesigned naira notes are in the N200, N500 and N1,000 denominations

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Nigeria’s newly redesigned naira notes are now in circulation as Deposit Money Banks today began dispensing the bills to their customers through over-the-counter payments.

This is coming three weeks after President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council meeting.

The newly redesigned naira notes are in the N200, N500 and N1,000 denominations.

Among other things, the redesigned notes are expected to help mop up the currency outside the banking sector and curb counterfeit notes.

The Central Bank of Nigeria had in October announced that the apex bank would release re-designed naira notes by December 15, 2022, stating also that the old notes would cease to be regarded as legal tender by January 31, 2023.

Though several criticisms have trailed the announcement and unveiling of the notes as well as the deadlines on the old notes, the Governor of the Central Bank of Nigeria, Godwin Emefiele had said there was no backtracking on the withdrawal of the old notes and unveiling of the new notes.

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