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CBN Set to Introduce Redesigned N200, N500, and N1000 Notes

Numerous media platforms have reported that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has announced that the apex bank will introduce new currency notes for the 200, 500 and 1000 denominations by Dec 15, 2022.

Emefiele made this announcement in a special press briefing at the headquarters of the CBN in Abuja on Wednesday.

According to him, old notes will stop being legal tender by January 2023.

Following the announcment, reactions has started pouring in as professionals are of the view that changing the currency will squeeze all those who are keeping cash to spend during the general elections and expose them to breaching the Anti Money Laundering (AML) Act which will give the Economic and Financial Crimes Commission (EFCC) the opportunity to clamp them down.

Positives expected from the action remains that it will give printing and minting companies with existing contracts the oppportunity to make larger revenues.

Further commentaries to follow on another CBN legacy trip…

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