The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said the apex bank will redesign the N200, N500, and N1,000 notes.
Emefiele, who disclosed this during a special press briefing in Abuja on Wednesday added that the action was taken in order to take control of the currency in circulation.
He stated the apex bank, secured the approval of President Muhammadu Buhari to roll out new notes to replace the existing currency in circulation.
“In line with the provisions of Sections 2(b), Section 18(a) and Section 19, Seb section(a) and (b) (2007), the management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500 and N1,00 levels,” he said.
1. CBN will change the current N200, N500 and N1,000 currency denominations to a new currency.
2. Everyone should start paying the old currency notes into the bank effective immediately.
3. The new currency notes will go into circulation on December 15th, 2022.
4. Collection of the old notes will stop on January 31st, 2023.
5. The old notes would stop being legal tender by January 31st, 2023.
6. Banks are advised to keep all their deposit centres open from Monday to Saturday going forward for collections.
7. For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBS are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
8. Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for the purchase of goods and services.
9. We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
Amount spent to print banknotes 2016 – 2020
2016 – N33.37 billion
2017 – N49.52 billion
2018 – N64.04 billion
2019 – N75.52 billion
2020 – N58.62 billion
The cost of Banknotes disposal in 2020 according to the CBN is ₦538.59 million was incurred in disposing of ₦698.59 billion
Banknotes disposed of by CBN 2016 – 2020
2016 – N829.94 billion
2017 – N977.23 billion
2018 – N814.59 billion
2019 – N814.44 billion
2020 – N698.59 billion
