The new Naira banknotes were introduced by President Muhammadu Buhari on Wednesday in Abuja at the Presidential Villa.
Speaking about the characteristics of the new notes, Central Bank of Nigeria Governor, Godwin Emefiele said that the “notes have been designed to ensure that the new naira notes cannot be counterfeited because of the features in them.” President Muhammadu Buhari had introduced the new banknotes of N200, N500, and N1000 denominations prior to the Federal Executive Council (FEC) meeting.
With the exception of additional security features and their colors, the new notes kept practically all of the old characteristics.
The new N1000 note is colored blue, the new N500 is colored green, and the N200 is colored red like the old N500.
All of the notes still included the original photos of former presidents who stood out in the country’s political and economical scene.
The previous notes would remain valid till January 31, 2023. Mr. Emefiele declared that the January deadline won’t be extended during the bank’s monetary policy meeting on Tuesday.
What were the stated reasons for the redesign of the naira notes?
- An urgent need to take control of currency in circulation
- To address the hoarding of Naira banknotes outside the banking system
- The shortage of clean and fit banknotes in circulation
- The increase in counterfeiting of high-denomination Naira banknotes.
6 Comments
A gud one!
Thanks for the information
A very necessary piece of information affirmation on the Naira note.
But I think that the CBN would work through the monitory team regarding of what they have seen from Banks agains their sease of the New note from being in seculated best on the unextended of the dateline for the benefit of the public thanks.
I visit access bank to collect the new money but the manager said only his own agent he will give. Why and where the agent of moniepoint collect their own
I wanted to collect the money but I missed the access bank the manager refused to give me the money he say only his own agent he can give the new money to swap the old one. But why ? And where are the agent of monipoint to come collect their own