In a bid to curtail inflation and control money supply in the country, the Central Bank of Nigeria (CBN) said announced that new naira notes will be designed and the current notes will go out of circulation by January.
CBN gives Nigerians about 47 days to exchange the current naira notes with the new notes.
According to the CBN governor, Godwin Emefiele, the redesigned N200, N500 and N1000 notes are expected to be in circulation on December 15, 2022 while the current Naira notes will no longer be legal tender from January 31, 2023.
Emefiele, however, noted that individuals with cash at hand can begin depositing their monies into their bank accounts from Thursday, October 27, 2022, at no cost ahead of the disbursement of the new Naira notes giving them 100 days to swap old notes for the redesigned notes.
The CBN, which had been battling inflation, explained that with more than N2.73 trillion out on the streets from the N3.23 trillion outside the CBN vaults, it aims to take control of money supply by mopping up all cash from the economy both within the vaults of banks and in the hands of citizens.