Anxiety as New Naira Notes Hit Circulation Today

By Modupe Gbadeyanka

Nigerians are anticipating getting the new Naira notes officially hitting circulation today, Thursday, December 15, 2022.

Last month, precisely on November 23, President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1,000 banknotes at the State House in Abuja.

The higher denominations of the local currency were redesigned by the Central Bank of Nigeria (CBN) after obtaining approval from Mr Buhari.

The action, according to the Governor of the central bank, Mr Godwin Emefiele, was taken to have control over the currency in circulation and also to tackle counterfeiting.

The apex bank said it observed that of the N3.2 trillion in circulation, about N2.7 trillion was not in the banking system, indicating over 80 per cent. To address this issue, the Naira was redesigned.

At a briefing in Abuja on October 26, 2022, Mr Emefiele said the old and new notes would remain valid until after January 31, 2023, when the old notes would cease to be legal tender in Nigeria.

At the unveiling of the new banknotes, it was stated that they are embedded with security features that would be difficult to break by counterfeiters.

It is expected that banks will begin to give out the new Naira notes at over-the-counter (OTC) and Automated Teller Machines (ATMs).