President Muhammadu Buhari Unveils Redesigned 200, 500 and 1,000 Naira Notes

President Muhammadu Buhari Unveils Redesigned 200, 500 and 1,000 Naira Notes
President Muhammadu Buhari Unveils Redesigned 200, 500 and 1,000 Naira Notes

President Muhammadu Buhari Unveils Redesigned 200, 500 and 1,000 Naira Notes

President Muhammadu Buhari has unveiled the redesigned 200, 500 and 1,000 naira notes to the public at Federal Executive Council.

It was unveiled at the Federal Executive Council meeting presided over by President Muhammadu Buhari a few minutes ago.

The CBN governor said the bank decided not to wait till the initial Thursday, December 15 date of unveiling the redesigned naira notes.

“100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released,” Emefiele said.

The Governor of the Central Bank of Nigeria, Godwin Emefiele warned Nigerians against hoarding of the old notes, saying there is no going back on the January 31st 2023 deadline to completely render the old notes useless.

The CBN MPC also hiked monetary policy to 16.5% from 15.5% while all other parameters remained unchanged.

CBN in late October announced that it was redesigning 200, 500, 1,000 naira notes.

Emefiele said that existing notes would seize to be regarded as legal tender by January 31, 2023.

The redesigned notes are in denomination of N1000, N500 and N200.

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