The designed Naira notes will be unveiled by President Muhammadu Buhari tomorrow, November 23, 2022, according to Central Bank Governor Godwin Emefiele.
At the monthly meeting of the Monetary Policy Committee of the Central Bank in Abuja, Emefiele made this announcement.
Background information: In October, the apex bank declared that the N200, N500, and N1,000 notes would be redesigned. Additionally, the apex bank established December 15, 2022 as the official launch date for the new naira notes.
The decision sent shockwaves through the forex market, and as a result, many people rushed to exchange their naira for dollars, driving the exchange rate of the naira to its lowest point of N910/$1 on the black market. The naira has since recovered to trade at N680/$1.
What's the rush? However, he has disclosed that CBN won’t wait until December for the unveiling of the new notes.
What you should know: He said the deadline for returning the old Naira notes to commercial banks in exchange for newly designed ones would not be shifted. The CBN recently directed commercial banks in the country to remain open on Saturdays until January 31, 2023, to allow bank customers to exchange old naira notes for new ones
Reason for new Naira notes: Emefiele had explained that the decision to redesign the naira notes was made to ensure macroeconomic stability. He said the goal was to create a strong, stable, and resilient economy that is self-sufficient and capable of weathering unexpected shocks.