In major cities in Nigeria, commercial banks have started dispensing the new Naira notes which were recently redesigned by the Central Bank of Nigeria (CBN).
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| The Redesigned Naira notes (₦200, ₦500 and ₦1,000) recently launched by President Muhammadu Buhari and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the Presidential Villa in Abuja |
The Commercial Banks have started dispensing the new notes to over-the-counter customers.
Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), had on 26 October, 2022, revealed, the Apex Bank will issue redesigned ₦200, ₦500 and ₦1,000 notes, which will take effect December 15, 2022, while the new and existing currencies will continue to be legal tender and circulate together until 31 January, 2023.
On 23 November, 2022, President Muhammadu Buhari unveiled the newly redesigned Naira notes alongside the CBN Governor, Godwin Emefiele, at the Presidential Villa in Abuja.
Reno Omokri had described the newly redesigned Naira notes as a “good idea”, while the Minister of Finance, Zainab Ahmed, criticized it, saying, it will “have serious consequences on the value of the Naira to other foreign currencies”.
